Vizor Software Launched by Bank of Jamaica
10 April 2017
Furthering an objective of improving data collection and processes for reporting, analysis and data dissemination, Bank of Jamaica “goes live” with Vizor Software.
Dublin, Ireland, April 10, 2017
Today, Vizor Ltd. announced that the Bank of Jamaica has gone live with its Jamaica Financial Institutions Reporting Management System (JamFIRMS). The new system, implemented by Vizor, will be used to enhance and support the Central Bank’s Supervisory, Regulatory and Financial Stability oversight functions by improving the data collection processes for reporting, analysis and data dissemination.
“We are very pleased to be working with the Bank of Jamaica” remarked Conor Crowley, Joint CEO and Co-Founder of Vizor Software, “The Caribbean has become an important region for Vizor, and we are proud to have a role in the fulfillment of the Bank’s mandate to ensure the solidity of their financial system. “
Bank of Jamaica’s implementation includes Vizor Business Intelligence (BI). Bank of Jamaica know that today’s regulatory landscape demands greater volumes of data and detail to be analysed to provide comprehensive regulation and ensure compliance. Vizor BI fully enables and empowers any Regulator to perform detailed analysis and reporting and thereby effective supervision.
Regulators need instant access to their data using tools that will show both the broad patterns and facilitate drill down into the detail underneath. Vizor BI brings that level of access and control to Supervisors and Analysts at the Bank of Jamaica.
Furthermore, Vizor BI provides full control over when data becomes available for analysis as well as the freedom to use any reporting tool or direct self-service analytics to view and manage the data to a level that meets the demands of today and indeed into the future.
Other significant efficiencies that the Bank of Jamaica should gain with the implementation of the Vizor solution include:
• Enhanced internal and external data collection processes from internal sources, supervised institutions and other entities based on international standards.
• Improved quality, consistency, reliability and integrity of data/information submitted to the Bank of Jamaica for analysis and for publication.
• Reduction in the turnaround time for data retrieval, collation, analysis and dissemination of information, thereby improving the efficiency in generating reports and publications.
• Enhanced monitoring and supervision on a solo and/or consolidated basis to more easily identify inherent risks within the financial system.
• Reduction (or where possible) elimination of the need for submission of paper-based returns and reports.
About the Bank of Jamaica
Bank of Jamaica, established by the Bank of Jamaica Act (1960), is responsible for the implementation of sound and consistent monetary policies, while ensuring financial system stability through robust supervisory and regulatory policies. The achievement of these objectives is critical to the attainment of sustainable growth in the Jamaican economy.
You can learn more about The Bank of Jamaica on its website http://www.boj.org.jm
About Vizor Software
Vizor Software has been the standard for financial regulatory technology since 2000. Leading the way in regulatory supervision software, Vizor Software is trusted by Central Banks and Financial Regulators from around the globe for the collection, validation and analysis of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 30 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. You can learn more and visit Vizor at http://www.vizorsoftware.com or by following Vizor on Twitter, LinkedIn, Google+ and Pinterest.