Government is thinking of setting up a Financial Services Commission and we are suggesting that this Commission be tasked with the supervision of financial institutions that currently are not supervised by the Reserve Bank of Fiji which would include credit unions. Financial Sector Assessment Program Fiji voluntarily undertook what is called a Financial System Assessment Program or FSAP for short.
Both Basel II, which, for large banks, focusses on internal processes for measuring and managing risks and, Basel III, have enhanced the need for continuous monitoring of data on several parameters to ensure continuing, rather than “point in time” compliance. There are new regulatory provisioning requirements as well, which can be complied with, only by proper data collection, compilation, and analysis and reporting.