The Finance team is responsible for financial reporting, accounting and audit, treasury management, funding and invoicing, and financial internal control. The team will also ensure that they are available to liaise with internal and external stakeholders to investigate and resolve any queries.
Finance also takes responsibility for completing and managing work streams which may include cross-GFSC collaboration and liaison with external stakeholders. These work streams include data analysis, annual budgeting and reforecasting , and preparation of the financial statements.
The Financial Controller reports to the Audit Committee on a quarterly basis to discuss matters relevant to the team and the GFSC. This includes an assessment of the GFSC’s financial position against the budget, the appointment of auditors each year, financial reporting, funding, and any audit findings and related action points.
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Information technology is a vital component of the infrastructure required to support the work of an international regulator such as the GFSC. The IT Team implements, administers, develops and maintains the GFSC’s hardware and software. It also provides support, training, consultancy, and advises the Senior Management Team about possible future technology adoption. The team ensures that the IT systems are enhanced or upgraded when required, to ensure they remain current and secure, to minimise operating costs and to enhance productivity of staff.
The IT Team is dedicated to ensuring that the IT systems facilitate the capture of regulatory risk and performance data to enable the GFSC to achieve its regulatory objectives.
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Human Resources and Training
HR at the GFSC delivers a professional, efficient and impactful service and support to the organisation (employees, line managers and leadership). The team provide support and guidance to the employees whilst facilitating the GFSC meeting its overall objectives by functioning as a strategic partner to the organisation. Through the development of HR and Training systems and processes the function creates a 'learning' organisation which places emphasis on its staff’s capabilities and competencies, helping the entire organisation reshape itself so it can meet future expectations and demands.
Specifically, the team deliver on:
- Performance Management
- Reward and Remuneration
- Employment Law
- Organisational Design and Development
- Recruitment and Selection
- HR Strategy
- Change Management
- Diversity and inclusiveness
- Talent Management
- Training and Development
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Administration and Office Management
An administrative team provides the GFSC with the support it requires to ensure the office runs smoothly on a daily basis. This includes managing the upkeep of the office and handling our supplier relationships. This team also manages the Health and Safety function and therefore facilitates the GFSC office environment being an efficient, professional and safe place to work in.
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Our Communication approach focuses on supporting our regulatory and supervisory work through targeted, timely and proactive engagement.
Communicating and engaging with stakeholders is important to us; it helps our stakeholders understand the role we play, how we work and why certain decisions have to be made. We want to remain accessible, accountable and transparent. We actively engage with our stakeholders, forming a professional and open means of interaction, and building stronger relationships.
Our communications strategy:
• Engages effectively with stakeholders
• Ensures people understand what we do
• Helps us achieve our overall strategic objectives
• Helps stakeholders meet their aims and objectives
• Evaluates the effectiveness of our work
The Communications Team also offers opportunities for stakeholders to provide feedback and be engaged in our work so that we can meet our regulatory and supervisory objectives.
The GFSC’s Communication Strategy also involves being open to the public by attending or hosting events. Additionally, Twitter and Facebook are an important part of our Communications Strategy. We continue to take full advantage of social media by posting important updates so that information is made available instantly to stakeholders.
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We work closely with the Government of Gibraltar, regulatory bodies in the UK, including the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and international bodies such as International Organization of Securities Commissions (IOSCO), International Association of Insurance Supervisors (IAIS), Group of International Finance Centre Supervisors (GIFCS), Group of International Insurance Centre Supervisors (GIICS) and Bank for International Settlements (BIS) and stakeholders. This is to ensure that we are forward facing and adopt an appropriate level of preparedness where EU, international and local initiatives are concerned to guarantee that we understand and meet the developments, challenges and opportunities that arise.
Our interaction with the European Supervisory Authorities and other international bodies represents an important international dimension to our work, with a focus on establishing and cementing good working relations with these bodies as well as with other regulators more generally.
We are a signatory to both the IOSCO and IAIS Multilateral Memoranda of Understanding and also have several bilateral MoUs in place with other regulators.
Contact the International Affairs Team