Resourcing Control Functions

The Jersey Financial Services Commission has recognised the challenges faced by organisations it supervises in regard to resourcing control functions.

Some businesses in Jersey already flexibly manage resourcing challenges through outsourcing some of the operational elements of the compliance function, such as compliance monitoring, or other financial crime prevention activities including onboarding and periodic reviews. This is something that we have supported our own clients with over the last year or so.

However, at its Business Plan event, the Jersey Financial Services Commission (JFSC) referred to considering whether the location or employment of staff in control functions could also be flexed. This is as a result of the challenges faced in the local labour market, and my understanding is that there may soon be a consultation in respect of what this might look like.