Mauritius FSC Awards Supervision Contract

by Leroy James, Lawandtax-News.com, New York

18 April 2007

Riskraft Consulting Limited last week announced that it had won a contract with the Mauritius Financial Services Commission to implement a Risk Based Supervision System based on international standards for all its regulated entities.

Commenting on the partnership, Subramanya Kusnur, MD and CEO of Riskraft, a Financial Technologies Group Company, says, “Our unique knowledge partnership model has been a clear differentiator in qualifying and winning the FSC engagement. This is a very prestigious engagement and will result in a unique model, leveraging the right blend of technology, domain expertise and strong experience, thereby redefining supervision.”

Dr Ashok Nag, Riskraft’s Chief Consulting Officer adds, “Riskraft is committed to deliver a complete solution that will enable FSC to undertake not only a post facto multi-dimensional analysis of risk profiles of its regulated entities but also a prospective detection and analysis of incipient vulnerabilities of regulated entities that lead to a systematic risk."

The Financial Services Commission said: “FSC is committed to promoting Mauritius as an International Financial Center of repute and as an integrated regulator for all non-banking financial services. It seeks to continuously improve the supervisory framework for all licenses. The RBS will be another significant step in this direction.”

Riskraft will execute the project on a turnkey basis by first customizing its proprietary RBS framework to the business and regulatory environment of Mauritius. It will then build and install a complete browser based risk intelligence system for FSC. The uniqueness of Riskraft’s system lies in its ability to measure and monitor the quality of a risk governance structure obtaining in regulated entities through an appropriately calibrated and validated risk governance index. This in turn will help the system create an early warning system for FSC to take Prompt Corrective Action.

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