BMA publishes 2024 Business Plan

Written by Adam Cadle

26/01/2024

The Bermuda Monetary Authority (BMA) has published its 2024 Business Plan, detailing initiatives and projects to achieve positive outcomes and strengthen the country’s regulatory framework for the upcoming year.

Several highlights in the 2024 roadmap include enhancing the BMA’s regulatory and supervisory regimes to meet the evolving needs of today’s financial services companies; embracing employee engagement and DEI strategies as the foundation of operational success; building out the Insurance Code of Conduct to uphold the importance of financial transparency, consumer protection and education initiatives; and continuing to embed an ESG model and a sustainable strategy to promote environmental stewardship, social responsibility and economic resilience.

These initiatives fit alongside the ongoing objectives the Authority will carry into 2024, such as streamlining its workflows with digital tools and innovations, enhancing regulatory and supervisory regimes to ensure they remain agile and fit for purpose and helping firms bolster their network security protocols in response to cybersecurity risks and events.

In the document's foreword, the BMA's CEO, Craig Swan stated: "The Authority's strategy is underpinned by deep expertise and cross-functional viewpoints designed to champion innovation. This plan's many thoughtfully curated objectives will optimise excellence while simultaneously preparing the organisation to meet and address emerging challenges that impact the regulatory environment. In a continually fluctuating business climate, this approach enables the BMA to open new pathways for enhancing our abilities and innovative practices today and for many years to come."

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