The implementation of this data collection and reporting solution will allow the Bank of Jamaica to better leverage information, greatly improve the quality and effectiveness of its supervisory function, and reduce operational cost.
(PRWEB) May 31, 2016
Today, Vizor Ltd. announced its financial regulatory technology will be implemented at the Bank of Jamaica where it will be used to consolidate, enhance and support the Central Bank’s Supervisory, Regulatory and Financial Stability oversight responsibilities and monetary policy mandates, whilst improving the data collection methods and enhancing the reporting, analysis and data dissemination processes within the Bank.
“We are very pleased to be working with the Bank of Jamaica on a project of this importance”, remarked Conor Crowley, Joint CEO of Vizor Software, “the implementation of this data collection and reporting solution will allow the Bank to better leverage information, greatly improve the quality and effectiveness of its supervisory function, and reduce operational cost.”
The Bank of Jamaica will gain significant efficiencies from the implementation of the Vizor solution including but not limited to:
- Enhanced internal and external data collection processes from internal sources, supervised institutions and other entities based on international standards and changing business requirements.
- Improved quality, consistency, reliability and integrity of data/information submitted to and published by the Bank of Jamaica.
- Reduction in the turnaround time for data retrieval, collation, analysis and dissemination of information thereby improving the efficiency in generating reports and publications.
- Enhanced monitoring and supervision on a solo and/or consolidated basis to more easily identify inherent risks within the financial system.
- Reduction/elimination of the need for submission of paper-based returns and reports while maintaining non-repudiation.
About the Bank of Jamaica
Bank of Jamaica, established by the Bank of Jamaica Act (1960), is responsible for the implementation of sound and consistent monetary policies, while ensuring financial system stability through robust supervisory and regulatory policies. The achievement of these objectives is critical to the attainment of sustainable growth in the Jamaican economy.
You can learn more about The Bank of Jamaica on its website http://www.boj.org.jm.
Vizor Software has been the standard for financial regulatory technology since 2000. Leading the way in regulatory supervision software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 20 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. You can learn more and visit Vizor at http://vizorsoftware.com or by following Vizor on Twitter, LinkedIn, Google+ and Pinterest.