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. The plan includes:
- An updated mission and vision statements that represent how we wish to conduct ourselves in achieving our organisational objectives
- Four main objectives that support our mission and vision, each of which have been assigned to lead persons
- 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 four main strategic objectives:
| Strengthen our capacity and capabilities | Enhance the regulatory response to innovations | Reform and retool operational structures and supervisory approaches | Develop and implement a renewed framework |
|---|---|---|---|
| Explore and implement new approaches for the attraction and/or development and retention of competent and experienced staff with a transferable range of skills | Develop a new technologies framework | Evaluate the strengths and weaknesses of the existing operational structure and provide recommendations for changes where warranted | Develop and document a stakeholder engagement framework that addresses our commitment, transparency, accountability, responsiveness as well as conflicts of interests and avoidance of regulatory capture |
| Explore and implement creative approaches to the use of external resources to better carry out our operations | Develop our multi-disciplinary capacity and capability | Evaluate the existing supervisory approaches with respect to ensuring the Authority is performing its functions in the most consistent, efficient and cost-effective manner | Implement methods of engagement and/or communication strategies and other approaches to enhance stakeholder engagement and their awareness, and understanding of CIMA’s role in the regulation of financial services |
| Leverage technology to enhance information sharing and knowledge management and optimise the available human resources | Develop an appropriate regulatory response based upon rigorous assessment of emerging issues and trends | Develop and commence an implementation plan for agreed structural reform | |
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Develop and implement a results-based management and accountability framework to support decision-making and operations |
Enhance the regulatory framework and supervisory practices to, where applicable, meet evolving micro and macro prudential, crime prevention and cooperative standards | ||
| Improve efficiencies through the optimisation of technological processes |
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.
Download a full copy of our Strategic Plan 2020 - 2023