Friday, July 30, 2021

Human Resources Section

This section, which is also known by abbreviation HR Section, is responsible for the organization of human aspect, so it carries an important role for Authority, as employee work quality is vital for an overall performance. Some of its key functions can be summarized in the next paragraphs:

  • Selection and Recruitment. It is crucial to ensure that for work there are chosen only the best ones, according to their skills and competence. The recruitment processes also prove that individuals applying for employment at the FCS are chosen and generated because of their high capability.
  • Operational Human Resource: It helps to implement the benefits of each employee, relationship management, counseling and database handling to provide the services to technical sections.
  • Management of Performance and Development System. This is aimed at operating the system which is designed to help with handling the performance management.
  • Creating Learning and Development Strategy. The level of capacity should be developed in the essential for the psychic way, so they could work on the maximum of their capability, especially when you talk about rapid changes of contexts and working environment. If it is planed correctly, then the support of learning and development of employees will proceed with high efficiency.
  • Development of Career and Succession Planning. Such tasking ensures that FCS will constantly be able to attract new talents to a workplace and expand the possibilities of other workers to keep business-critical positions whenever it is required. There is also a Reward Management system which keeps an aim of rewarding employees for the good and well-timed job fairly, consistently and equitably relating to the others.
  • Health and Wellbeing. A campaign like this is oriented at organizing activities that enlighten and help to increase further awareness of health and safety for each of workplaces.

Finance Section

This section takes care of overall financing of operations for FCS and stores the information about financial transactions in as transparent and bound to time manner as possible. Its key functions are listed with management of annual budget for every financial period, accounting on revenue, introducing financial reports to the stakeholders and governmental agencies and much more.

At the end of the year in financial meaning, in order to prove the transparency and fairness, the special financial statements are concluded in the section and submitted to the Auditor General, so that he reviews the audit review and later subsequently certificates the annual financial statements.

Generally, the Finance Section’s functions can be sorted into two big groups: Financial Reporting and Benefits Processing and Financial operations.

Administration Section

The section mainly supports FCS with ensuring in the efficient resources use, which also includes providing support from the logistics’ point for improving the services and facilities in the same way, as we do it with performance of strategies and values. Here the main aims are Purchasing and Procurement for FCS and Technical Support, which includes in the list the management of all FCS infrastructures and also housekeeping services of all administrative locations.

Policy and Legal Section

Such section that is tightly connected to the law plays an integral role and is focused on the strategy of development of FCS’s framework so that it can be in line with standards accepted in the whole world. It also provides support to other technical sections of Authority and liaises with outer stakeholders who are deeply involved in development of private and public sectors. This section can be also divided into some units, where there are two main divisions:

  • Policy Unit is responsible for providing policy-oriented research and analyzing a wide range of issues related to financial services sector with following functions.
  • Legal team is responsible for legal matters of relevance to the Authority, which includes reviewing all undertaken contracts and appearing laws that may have the necessary impact on the industry.

Information System Section

Previously called the Information Technology Section, its general responsibilities remain mostly the same – to technologically support within the FCS through establishing of international standards and to keep safe the technical infrastructure of FCS. Moreover, its functions lately also expanded to auditing and looking for information security.

Registry Section

This kind of section runs the legislations under which FCS’s main structures are mandated to act as the Registrar. Out of all the legislations, it administers the ones like The Foundations Act, 2009, International Trusts Act, 1994, and so on.

The Registry Section is responsible for specified entities registration according to the corresponding legislations together with the transactions happening in post-registration period. Out of them there are payments of annual fees, amendments, dissolutions to the constitutional documents, filling of directors’ register and so on.

Insurance and Pension Supervision Section

The section like this plays a crucial role for economic development, especially for the Grenada, as there are many international insurance programs available for applying, and recently the local companies also diversified the portfolios a lot in order to keep up with the standards set. Besides, there are quite a lot of licensed brokers or registered agents and sub-agents who are capable of handling the insurance issues. So FCS licenses insurances provided by domestic and outer companies together with insurance service providers in order to conduct insurance business activities.

Capital Markets and Collective Investment Schemes Supervision Section

Abbreviated as CM & CISSS, the section was created for regulating entities licensed by the Securities Act, 2007 at first, and then the Mutual Fund and Hedge Fund Act, 2008. It also stays in search for the new regulations in order to develop the financial industry, improve efficiency and protect the consumers involved in any way possible.

Gambling Section

Also known as Gambling Supervision Section, it is responsible for regulating the gambling industry that plays a noticeable role in nowadays economic surrounding. In case it acts according to all the requirements, it may get a bonus of promotion by FCS within the industry, as Authority spreads the gambling awareness program which educates the public about possible risks, avoiding them and where to consult or find help in case there appear some problems.

Internal Audit Section

This section carries the mission of assisting to the Board and its management so that to protect sustainability and reputation of the FCS in case something out of ordinary happens. It also adds value and improves quality of operating work while helping out with management and operating responsibilities. So, in general, this is a special sub-committee inside the Board structure which plays an important role, and so the Head of Internal Audit provides reports to them.

ITZ and HP Section

The International Trade Zone Section is divided into two units, these are the “ITZ Licensing Unit” and “Supervision Unit” that are responsible for all ITZ licensed companies operating in Grenada.  The Licensing Unit takes care of all new applications and issues concerning ITZ licenses, whilst the Supervision Unit ensures that licensee correspond to the ITZ Legislations and any Legislations in the Grenada.


Fiduciary Section

This section, which is also known by its abbreviation FSS, regulates and supervises the entities licensed under the documents already mentioned above and some more. Its main aim is to establish and maintain reasonable systems and controls that are beneficial in safeguarding public interest, developing the investors’ confidence and ensuring providing of any necessary enforcement actions.