Cayman Islands powers its international banking, insurance and securities regulation with SQL Power
Cayman, ranked number one against the world’s top, specialized financial jurisdictions has selected SQL Power’s XBRL based financial filing and regulatory reporting system - XBRL Power Suite.
By: The Cayman Islands Monetary Authority (CIMA)
GEORGE TOWN, Cayman Islands - Aug. 14, 2014 - PRLog -- SQL Power will integrate its pre-engineered, eSignature ready regulatory platform at the Cayman Islands Monetary Authority (CIMA) to handle collection, analysis, and reporting of prudential returns and entitlements data submitted to CIMA by up to 40,000 of its regulated financial entities, across Banking, Trusts, Insurance and Hedge-Fund categories. The solution will unify and streamline CIMA’s 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.” remarked 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 minimizing CIMA’s current reliance on outside vendors and consultants.”
CIMA 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 SVP 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 modeling 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.”
The XBRL Power Suite incorporates the world’s most powerful and dynamic XBRL Analytics platform (powered by MicroStrategy)
SQL Power will be the clear single line of accountability for the project from provision of the core XBRL Power Suite platform through to integration services and the complete and successful installation and activation of the system, including training and support.
“Much of Cayman’s business today comes from the world’s biggest banks and corporations as well as other entities and arrangements”
The Cayman Islands Monetary Authority (CIMA) headquartered on Grand Cayman, is the primary financial services regulator of the Cayman Islands and supervises its currency board. CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters. http://www.cimoney.com.ky
SQL Power Group Inc. (SQL Power) Toronto Canada is a globally integrated application Software firm, founded in 1988 - well known in the industry for its XBRL based financial filing and reporting system, the XBRL Power Suite. The solution is geared toward business user self-sufficiency and is designed to insulate both filer and regulator from the complexities of XBRL – it supports international standards and best practices for automated Data Collection, Returns Management, and Analytical reporting. http://www.SQLPower.ca