The Bank and Insurance Supervision and the Investment Manager, Advisor and Securities Supervision departments are responsible for the effective ongoing supervision of authorised institutions and individuals.
Authorised firms file information in eXtensible Business Reporting Language (XBRL), which data is extracted into more than 160 graphs, reports and dashboards. The XBRL taxonomies are based on International Financial Reporting Standards (IFRS), but incorporate Islamic finance idiosyncrasies as addressed by AAOIFI.
The QFC Regulatory Authority operates a risk–based approach to supervision that allows it to focus on issues most likely to impact its objectives and to allow for more efficient use of resources.
The Supervision departments maintain regular contact with the industry by performing analyses of business intelligence reports generated from prudential returns submitted in XBRL with accompanying explanations supplied by authorised firms as well as conducting thematic reviews, including Internal Capital Adequacy Assessment Process (ICAAP) and Own Risk and Solvency Assessments (ORSA) reports.
The Supervision teams conduct onsite and offsite risk assessments as necessary, and provide and seek feedback on findings to individual firms’ governing body, senior management and other approved individuals. Regular interaction also takes place with the auditors of authorised firms, and assurance requirements are set according to International Standards for Assurance (ISAs), both for financial statements and prudential returns.
The Supervision departments also participate in local and global supervisory colleges to enhance collaboration with other regulators in the State of Qatar and internationally. Prudential and conduct supervision are conducted by the same supervisor for each firm.