Page 48 - Annual Report 2022 EN
P. 48
/ 48 T ABLE OF C ONTENT S
Establishment of a new division Roles and responsibilities
of each department
The new division was established on 1 August 2022
under the leadership of former Managing Director The Macroprudential Analysis department assesses
for Policy, Legal and Enforcement, Prue Morris. The and analyses key global, regional and domestic
functions of macroprudential analysis, enterprise macro-economic, financial and political developments
risk management, financial sector strategy and and trends, as well as relevant international
regulatory project coordination merged into the new regulatory and infrastructural developments.
division, and Internal Audit have an administrative
reporting line through the new division. The Enterprise Risk Management (ERM)
department oversees the QFCRA’s risk governance
and risk register and reports to the Audit and Risk
Committee on the key risks facing the QFCRA and
the risk controls to mitigate the identified risks.
The Financial Sector Strategy department
prepares the QFCRA’s input into the joint Strategic
Plan for Financial Sector Regulation and represents
the QFCRA on the joint strategy committee
which also comprises the QCB and QFMA.
The Regulatory Project Coordination department
provides project management office support
to manage various financial sector regulatory
initiatives with additional support provided by
one staff member seconded from QFMA.
The Internal Audit department develops
and implements an independent and objective
assurance and advice service to the Board of
Directors of the QFCRA and senior management to
assist them in their responsibilities to comply with
industry leading guidelines and best practice.
