GIFCS members discuss operational resilience, third-party service providers and cloud computing
The GIFCS, in conjunction with the Financial Stability Institute (FSI), organised a conference on 10 & 11 November to discuss operational resilience, outsourcing to third-party service providers, and risk management of cloud computing. A range of external speakers covered the work of the standard-setting bodies, emerging prudential frameworks, and risk management and supervisory approaches.
The occasion marked the second GIFCS Plenary meeting of 2021 (the first was held on 28 April) and covered a number of other GIFCS-related matters including:
1. Update on trust and company service provider oversight and AML/CFT supervision, including a draft mutual summary evaluation report on a member country (shortly to be published)
2. The holding of meetings of colleges of supervisors in respect of international groups of TCSPs
3. The completion of an annual summary statement exercise
4. An update on GIFCS’ financial position.
5.New member applications
6. Topics for the next Plenary meeting planned for Spring 2022
John Aspden, Chairman of GIFCS, explained “The last 18 months have provided an unprecedented test of resilience across the board. Generally the system has coped well but this meeting was an important occasion to look at lessons learned, as well as to share experiences on managing third-party service provider risk – with its increasing prevalence - going forward. We much appreciated the joint collaboration with the FSI.”.
12 November 2021
Notes for editors
The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena.
The GIFCS was established in 1980. Today its membership accounts for a market share of approaching 10% of global international banking assets. The Group, which meets formally twice a year, has become a very positive contributor to promoting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of the work of IOSCO.
The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for the regulation of this sector, which is being implemented by members and against which their compliance is formally evaluated.
John R Aspden
Group of International Finance Centre Supervisors
C/o PO Box 58
Finch Hill House
Isle of Man IM99 1DT
Tel: +44 (0)7403610895