Introduction
As the roadmap to our continued success, our Strategic Plan will guide us in our efforts to protect the integrity of the Cayman Islands currency and the local financial services industry. This strategic plan contains our mission and values statements that represent how we collectively wish to conduct ourselves in delivering on our objectives.
The plan includes:
- An updated mission and vision statement that represent how we wish to conduct ourselves in achieving our organisational objectives
- Six main objectives that support our mission and vision, each of which have been assigned to lead persons
- Associated key strategic initiatives with a helpful guide to measure our success
- A delivery model that depicts what we do, what we deliver and the impact we have within a multi-stakeholder environment
- Six values that reflect our attitude, behaviours and character we display, and how we wish to be seen by our stakeholders
Strategic Objectives
To support our mission over the next three years and to work towards achieving our vision, there are a number of initiatives that will need to be undertaken. This plan commits to six main strategic objectives:
| Improve our technological capability | Improve effectiveness in combatting financial crime | Establish proactive, sustainable and effective regulation | Recognised as an employer of choice | Improve the integrity and quality of the Cayman Islands currency | Increase public outreach and education |
|---|---|---|---|---|---|
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Identify the necessary technological solutions to improve operational efficiencies |
Identify and address gaps to strengthen CIMA’s AML/CFT supervisory framework and comply with FATF standards | Promote harmonisation of legislative and regulatory obligations | Streamline CIMA’s operational structure to improve efficiencies by removing redundancies and gaps in processes | Improve the quality of the currency banknotes | Increase stakeholder engagement efforts and conduct more awareness programmes to educate public regarding financial services regulation, CIMA’s mandate, values and operations |
| Deploy identified suitable technological solutions | Ensure systems are in place to gather, maintain, analyse, and report relevant data that is required for the FATF Mutual evaluation process | Develop supervisory framework in collaboration with relevant stakeholders for Reinsurance, Basel III, licensing and sandbox regimes for VASPs, and addressing ESG and related risks | Build human resource capacity in line with increased regulatory landscape for a robust supervision also allowing work-life balance for staff | Assess the redemption of banknotes and print banknotes that reflect the change in Monarchy | |
| Provide adequate training to internal and external users | Support and collaborate with relevant authorities in the jurisdiction, as necessary, to establish effectiveness in combatting financial crime for a positive outcome of the 5th round FATF mutual evaluation | Enhance supervisory regimes for Credit Unions and Development Bank | Provide opportunities for staff advancements through training and development | Increase public education/awareness programmes in colloboration with law enforcement agencies and industry partners | |
| Provide clear and comprehensive guidance and support with regard to the relevant legislative obligations of regulated entities | Engage necessary resources for the development and implementation of new and enhanced supervisory frameworks | Ensure that CIMA’s working environment continues to be secure, safe, clean and promotes sustainability | |||
| Transition to new building to allow CIMA staff to work together in one physical location |
Our delivery model
- Inputs represent the resources and outputs from other parties that are consumed by our activities.
- Activities describe collections of actions and services that we deliver under our mandate.
- Outputs are the products generated by our activities.
- Direct outcomes are the first level of outcomes – those over which we have the most direct influence with our outputs.
- Intermediate outcomes comprise the second level of outcome – those over which CIMA has less influence with our outputs and where the influence may be shared with our stakeholders.
- Ultimate outcomes are the highest-level outcomes that can attributed to our outputs and are subject to many influences beyond those of CIMA.
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