Vizor Software Launched by Bank of Jamaica

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, 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

Established by the Bank of Jamaica Act (1960), the Bank of Jamaica 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