now moving towards a future where we are predicting what the future
will be, where the organisations need to be. We want Cayman to
play a central role here, being able to have that data accessible and
“We think that will be a huge differentiator going forward,”
In the last few years, CIMA has enhanced its expectations in terms
of licensee’s risk management frameworks, Sadlier said. It is critical
that licensees can appropriately identify their risks, have a full look
through the risks and incorporate controls to manage the risks.
Big data is a key part of that process as licensees’ business plans
become increasingly complex and therefore so does the extent of
Until the licensee’s data can be turned into meaningful information
which in turn is used in the risk management process, it’s difficult to
advance their risk management frameworks appropriately, she noted.
One of the innovations we are looking at is developing a globally
certified digital ID, Scott said. “We believe there’s lots of benefits
from that, one being the ability to develop more concrete global
standards,” he said. “A certified digital ID also removes duplications
of compliance from the marketplace.
“You create a lot more efficiency. We think it reshapes how clients
are able to transact and in particular in terms of new technologies.
We believe that this is one of the unlocking mechanisms to pre-certify
parties in a closed system, providing automatic updates of a status
change,” he explained.
“We are not afraid of change,” Scott said. “We make sure Cayman is
globally connected and that we focus on sustainability, and maintain
30 cayman captive 2018
“Cayman has done a good job of not getting overly excited about
the new and shiny, but investing time to analyse the risk and innovate
the product to minimise the risk,” he stated.
Where is technology taking the industry?
Technological innovation is important because millennials are going into
senior positions, Snyman said. “They are used to instant gratification,”
she noted. It’s important to ensure the technology works, and doesn’t
cause disruption, as well as getting accurate and complete information.
“Be cautious, look at the new technological innovations and be sure
that what you have is tried and tested,” she said.
Scott noted that a lot of innovation will be seen related to smart
contracts, which requires everything to be built upfront into the
technology and is then automatically executed.
Technology is set to cause some disruption within the industry. The
emergence of artificial intelligence will make the jobs of accountants
obsolete, Trenouth said. Accountancy firms will turn into technology
firms, he said.
The innovations implemented elsewhere in the insurance industry
in the Cayman Islands, for example by large reinsurance companies,
has a positive knock-on effect on the captives market here,
Blockchain to change contract work
Blockchain is going to be a big thing for anyone doing contracts, said
Trenouth. “That’s where the value is,” he noted.
In terms of reporting requirements, captive companies need to be
able to keep up to date with changing requirements, Sadlier said.
“The more efficiencies they have in the business from a technological
standpoint, the more adaptable they can be.