Page 12 - Annual Report 2021 EN

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CEO’s Statement
During 2021, the QFCRA successfully met its regulatory
objectives and delivered its wider organisational initiatives.
Our work was enabled by the objectives provided by the
Second Strategic Plan for Financial Sector Regulation and its
strategic direction assisted the QFCRA in effectively navigating
the opportunities and challenges presented during 2021.
The Supervision & Authorisation division continued to
focus on and monitor the impact of the pandemic on
firms’ credit risk profiles, asset quality and liquidity. The
division also engaged with external auditors concerning
the new agreed-upon procedures issued during 2021
for assurance reports relating to firms 2021 reporting
obligations. The division also undertook thematic reviews
of firms’ compliance with corporate governance rules and
the progress made by insurers in meeting the requirements
for IFRS 17 implementation. Intelligent use of data and
new technologies continues to be a focus for the QFCRA.
The division maintained its focus on the deployment of
supervisory technology (SupTech) to strengthen supervisory
processes and oversight and to improve our use of data
effectively to enhance supervision and our engagement
with firms. The division also continued its work with the
National Anti-Money Laundering Committee (NAMLC) and
updated the QFCRA’s Sectorial Risk Assessment following
engagement with NAMLC on the National Risk Assessment.
In order to ensure that AML/CFT preventative measures are
T ABLE OF C ONTENT S
effective in combatting illicit finance, the QFCRA issued
new guidance for firms regarding targeted financial
sanctions and trade-based money laundering and held
multiple outreach sessions focussed on AML/CFT.
In early 2021, the QFCRA merged the Office of the
General Counsel, Policy and Enforcement into a new
division: Policy, Legal and Enforcement to improve
synergies between the functions, leverage their
capabilities and expertise, and to enable the QFCRA to
offer a more diverse set of opportunities and experience
to new and experienced talent within the functions.
During 2021, the QFCRA published three consultation
papers on professional investor funds, credit risk banking
amendments and auditor notification requirements.
The division is also responsible for promoting regulatory
cooperation locally, regionally, and internationally.
The QFCRA signed five memoranda of understanding
during 2021 including with financial regulators
from China, Turkey, and Mauritius. The QFCRA also
partnered with the Qatar National FinTech Task
Force to identify actions and proposals that could
harness the potential opportunities FinTech offers.
The Corporate Services division continued its important
focus on operational resilience, data protection, talent
management and cybersecurity, including Qatar 2022