The information services division of the Cayman Islands Monetary Authority (CIMA) introduced in April a new information management system. This development will mean better storage, updating, and tracking of data on entities regulated by CIMA.

Known as Mars (monetary authority regulatory system), the technology has been designed to give CIMA staff a more efficient and productive tool for inputting and monitoring information. The system was created to display entity relationships, provide advanced reporting and analytics, increase productivity of staff by reducing the amount of redundant data processed, allow for a more visual display of discrepancies and improve processes for updates.

Developing and implementing Mars was a vital part of the process of improving CIMA’s information management capabilities to help in effective regulation.

“Information technology is a major element in our efforts to modernise, increase efficiency and maximise our resources and over the coming months,” said managing director Cindy Scotland when announcing the new system.

Mars uses an ‘entity centric’ approach to data storage and relationships rather than the ‘licence centric’ approach was used by the old licensee database, CIISMA. With the new system, analysts and other CIMA staff are able to see more quickly the relationships of an entity with more than one licence or other authorisations within the same sector or across different sectors.
The system is expected to eliminate duplication of data and effort as well as enhancing the visibility of relationships between entities and licensees.