FSA - The Financial Supervision Authority Nele Piir, Marge Laan, Kadri Toks

About FSA The Financial Supervision Authority (FSA) is a financial supervision institution FSA conducts state supervision over the banks, insurance companies, insurance intermediaries, investment firms, management companies, investment and pension funds as well as the payment service providers, e-money institutions and securities market that have been authorised by the Financial Supervision Authority. The objective of financial supervision is to help ensure the stability and quality of services of the companies providing financial services

Problems Management of supervised entities has to ensure IT-risk evaluation process, by establishing risk handling methodology, reporting and control mechanism. Risks must be continuously and regularly updated. Risk communication’s purpose is to establish a common understanding of all aspect of risk among all the organization's stakeholder, which is important, since it influences decisions to be taken. Our plan is to offer better tool for risk evaluation purposes, to increase work efficiency, create database for risk analysis purposes and establish regular risk evaluation procedures.

Business Process Improvement Develop and implement Risk Evaluating System - a comprehensive information system which allows gaining oversight of the existing information technology situation, the associated risks and necessary security measures in an organization. The system provides a certain level of assurance concerning the status of information security and compliance with the relevant security standards or regulations. System stores all information in a database as database records, allowing the user to create any of the links between data items.

New system helps: Get oversight about the whole sector; Possibility to continuously update information; Discuss subject’s risk profile with the subjects; Get current IT and risk overview whenever it is needed; Possibility to compare profiles and provide estimates of the total sector; Monitor subject’s risk internally and monitor external risks to the subject; Monitor supervisory actions and their impact to risks; Create reports about IT risks; Track and report high-impact risks related with IT; Present local situation to group level.

The current business model

The new business model

Database

Balanced Scorecard Table ObjectivesMeasuresTargetsInitiatives FinancialLess administrative costs Working hours spent on administrative tasks 40% less administrative tasks. Policy change Customer 1.One portal for all IT risks and related isuses. 2. Clear understanding of required actions. Measuring customer satisfaction Maximizing customer satisfaction New customer survey in place Internal 1. Implementation of a new supervisory system. 2.New analysis tasks 3. Better communications with supervised entities 1.Time spent on inserting data on base 2. Time spent on analysis tasks 3. Time spent on direct communication with customers 1. 40% less time spent on inserting or correcting data 2. 20% of every day work is related directly with analysis tasks 3. Proactivity in customer communication Trainings Learning1. Job satisfaction 2. More efficient work 1. Work satisfaction survey 2. Time spent on management 1. 40% less time spent on inserting data 2. 50% less time spent on management tasks 1. Trainings 2. Automating process

Questions? Thank you!