New platform should speed CIMA processes


The Cayman Islands Monetary Authority (CIMA) has implemented a new software platform that it says will streamline the collection and analysis of prudential returns and entitlements data submitted by the entities it regulates including hedge funds.

SQL Power is to integrate its pre-engineered, The eSignature regulatory platform, supplied by SQL Power, will be used to process data handled by up to 40,000 of its regulated financial entities, across banking, trusts, insurance and hedge fund categories. CIMA said it will unify and streamline its regulatory operations across all sectors.

“The best regulatory software in the world meets one of the most complex and sophisticated regulatory business models in the world and we welcome the challenge,” says Sam Selim, president and SQL Power co-founder. “We’ll be displacing the incumbent XBRL software vendor with a comprehensive end-to-end XBRL regulatory solution that offers business user level self-sufficiency, thus minimising CIMA’s current reliance on outside vendors and consultants.”

CIMA said it will gain important efficiencies from the implementation, substantially reducing license application timelines, time-to-market around new return development and new business processes re-engineering (BPR), as well as total cost of ownership.

“The vision is to establish Cayman over all other jurisdictions as the customer experience leaders in the industry - particularly around automating the setup of financial entities, managing licensing and streamlining important oversight functions,” said Dan Loney, senior vice president, worldwide supervision at SQL Power.

“Our supervision management framework will automate everything from financial data gathering to entitlements processing and will provide substantially deeper and more accurate risk assessment modelling and analytical reporting – it’s all based on XBRL (Extensible Business Reporting Language), the worldwide standard for disclosure in the 21st century, further ensuring data reliability.”


Cayman Funds