St. John's -- Oct. 23, 2009 -- The Financial Services Regulatory Commission (FSRC) held a transformational strategic planning session at Jolly Beach on Thursday, October 15, 2009. Staff members of the Commission inclusive of the Board of Directors participated in the deliberations to strengthen and enhance the FSRC over a three-year period, starting from January 2010 through 2012.

The FSRC engaged the services of prominent development planner and project manager within the OECS, Mr. Melvin Edwards, to facilitate the strategic planning session. His experience in institutional strengthening blended well with the FSRC's goal of becoming a model regulatory unit with international recognition.

The session allowed for tremendous outputs which included: restructuring of the organization, significantly improved communications - public and internal, intensified succession planning and adaptation of continuous education programmes.

In a break-out brain-storming session the more than 50 participants formed five cross functional teams and recognized many similarities with respect to their vision for the FSRC. Rigid timelines were established in which the FSRC would achieve certain targeted, short-term goals; while long term needs and objectives were identified for further development. In keeping with the Commission's commitment to action, a team within the FSRC was constituted to spearhead immediate objectives over the next six months. Further, to ensure that the FSRC achieves its key success deliverables, a multi-skilled, cross-functional team of nine staffers headed by the FSRC's CEO, Mr. John Benjamin will complete the writing of the strategic plan by November 20, 2009. Commenting on the subject of planning, Mr. John Benjamin, cautioned: "While many organizations succeed in writing really great plans, most fail to implement them effectively; a mistake the FSRC will avoid as we will deliver on our mission."

The Honourable Harold Lovell, Minister of Finance, praised this initiative by the management and staff of the FSRC and commended the Commission for its steadfastness in addressing challenges and its commitment to rigorous and continuing self-assessment. Althea Crick, Chairperson of the Commission's Board of Directors, said that she was particularly inspired by the dedication, enthusiasm and knowledge demonstrated by staff during the strategic planning exercise. She reaffirmed the Board's unwavering focus on enhancing the Commission's regulatory function and emphasized the Board's commitment to empowering staff to meet the challenges of a dynamic international financial services sector.