The island’s financial services regulator has set out its stall for the year ahead, with the release of its business plan for 2023.

The Bermuda Monetary Authority said the document is a blueprint, detailing how the BMA will continue to deliver its mandate, the progress it plans to make on its multiyear phased initiatives and the projects it will launch to maintain agility and nimbleness in its systems and processes and build on the strengths of Bermuda’s financial services regulatory and supervisory regime.

Highlights include:

• Further positioning its human resources to skilfully deal with the complexities of emerging infrastructures, products and technologies

• Strengthening the anti-money laundering/antiterrorist financing supervisory data call approach, namely through further automation and data collection, analysis and presentation enhancements

• Formalising the BMA’s internal environmental, social and governance approach and diversity, equity and inclusion programme.

The BMA said these initiatives fit alongside the ongoing work and multiyear priorities that the organisation will carry into 2023 such as the continued buildout of the conduct of business regime and ESG standards across sectors; greater use of technology in supervision and operations; maintained commitment to supervising entities’ operational resilience; and enhancements to the regulatory framework, where necessary.

Craig Swan, BMA chief executive officer, said in a foreword: “The 2023 business plan is dedicated to converging innovation across the BMA’s building blocks of people and processes.

“The goals, objectives and initiatives we have set for ourselves this year bridge these aspects of our organisation and will allow the BMA to find new and better pathways for enhancing a regime that fulfils our mission, vision and mandate.”

The BMA said it will publish a range of thematic, insurance-related thought leadership materials during the course of the year, including reports on alternative capital, captives, catastrophe risk in Bermuda, and cyber (operational resilience and cyber underwriting).

BMA Business Plan 2023