Other Sections

Supervision

The Registrar conducts ongoing supervision of credit reference bureaus to promote internal and external confidence in the safety, soundness and proper functioning of the institutions. The Registrar monitors operational and compliance aspects of licensees to identify areas of elevated risk and non-compliance. Appropriate enforcement action is taken in the event of non-compliance and other adverse developments.

Off-site surveillance involves monthly review and analysis of regulatory returns submitted by licensees. The aim is to monitor on a monthly basis the conduct of business by the licensees and to ascertain financial soundness, capital position and other regulatory requirements.

Market conduct on-site examination for credit reference bureaus focus on assessing:

  1. financial record keeping and performance;
  2. risk management processes;
  3. internal control procedures;
  4. corporate governance;
  5. conduct for fairness and transparency; and
  6. compliance with legislation.
  1. Routine: This is carried out for a licensee as per annual examination planning cycle;
  2. Follow Up: conducted to ascertain implementation of recommendations from a routine on-site examination; and
  3. Ad Hoc: This is triggered by an adverse event within the licensee or the market.