There was a time when technological solution providers were developing solutions without considering enterprise-wide needs. Solutions were built according to what service providers thought were the needs of the business. It was no different in the former Financial Services Board. Core business systems were built, and service providers considered the mere building of these systems a successful activity. As we moved over to the FSCA, we had to ask the question, do these solutions still meet the needs of our business? The answer is well, yes and no.
Yes, because to a certain extent some functionalities enable the business to achieve some of its objectives. No, because there is a never-ending cycle of developing additional system functionality to satisfy missed business requirements or to satisfy enterprise-wide needs that were initially not considered. Leveraging Economies of scale, and other benefits, were foregone because of the piecemeal adoption of system functionalities. The sectoral view of the industry also meant that our systems were fragmented.
To fix this we’re now introducing the Integrated Regulatory System (IRS). We’re using this system to streamline our licensing functions which often presented many inconsistencies, duplications, process invisibility and multiple truths on any given entity. These would often lead to conflicting Licensing Committee findings from line departments, where one department would recommend an approval, whilst the other departments recommended a withdrawal or suspension for the same entity. What IRS does is it gives us a single view of an entity we regulate, so that we can effectively deal with these weaknesses in our systems.
It is envisaged that the implementation of this system will ensure the automation of all:
- Licensing related business activities i.e. new license processing, amendments, exemptions etc.;
- Supervision activities such as returns processing, onsite inspections, complaints management, liquidations and others peripheral regulatory activities
- Investigation and Enforcement activities such as preliminary and forensic investigations; and
- Specialist support activities such as actuarial support processes, data analysis, business model analysis etc.
Coupled with these automations, is the expected that intelligence will be derived from the system which will ensure proactive risk management and better business reporting.
In essence, what this means for us is that we will now have a platform to manage all our business functions. It’ll also be easier to monitor this system and that in turn will make your interactions with us a lot more helpful to you.
Among other positives, we hope you will find it easier to:
- Apply for licences or submit information to us.
- Enjoy a more automated experience which cuts down on the paperwork you will have to submit to us.
- Track the progress of your submission and access any updates you may need.
We are hoping to roll out this new system within the next year and look forward to having it improve our interaction with you.
Cliffton Mogano, Head of ICT Governance, Business Relationship and Risk (FSCA)
