The review also encompassed the organization, staffing and procedures within each regulatory division to ensure that they were adequate, appropriate and performing defined functions.

The Board has agreed to the goals, objectives, strategies and tactics of the Authority’s new strategic plan, which follows through on the updated mission statement that was adopted in July.

As a result, CIMA hopes to:

• Create a high quality and effective regulatory environment to attract users and providers of financial services;
• Operate the Monetary Authority in the most efficient way possible;
• Preserve the value and integrity of the Cayman Islands’ currency and;
• Raise its profile in order to increase understanding of the Monetary Authority both locally and internationally

The Board has delegated management to develop action plans for each division in order to realise the achievement of the Authority’s goals.

Additionally, in an effort to enhance dialogue and the consultation process with the industry it was decided that the Authority would host workshops, as necessary, for the private sector.

Mr. Ridley commented: “The Board is extremely proud of, and commends, the management and staff for their actions in protecting the Authority and its operations in the aftermath of hurricane Ivan, and assisting Cayman’s financial industry during a most difficult period.”