Chennai: Financial risk evaluation firm, Riskraft Consulting Limited, part of the Financial Technologies group, has secured a contract to implement risk based supervision system from the Financial Services Commission (FSC) Mauritius.

Riskraft Consulting has developed a unique regulatory risk and compliance practice that relies on domain knowledge, quantitative modeling and business intelligence architecting expertise.

The risk-based supervision system is a forward-looking supervisory review process that essentially depends on detailed risk profiling of supervised entities. It enables the supervisor to prioritise and allocate supervisory resources according to the risk map of different supervised entities.

Riskraft Consulting will execute the project on a turnkey basis by first customising its proprietary risk based supervision framework to the business and regulatory environment of Mauritius. According to chief consulting officer Dr Ashok Nag, the solution would enable FSC to undertake not only a post facto multi-dimensional analysis of risk profiles of its regulated entities but also a prospective detection and analysis of incipient vulnerabilities of regulated entities that lead to a systematic risk.

Speaking about the project FSC''s CEO J. N. Meetarbhan, said, the commission is committed to promote Mauritius as an international financial centre of repute and as an integrated regulator for all non-banking financial services. The risk based supervision is a significant step in that direction.