Introduction

Our Strategic Plan serves as the guiding framework for our ongoing success, directing our efforts to safeguard the integrity of the Cayman Islands currency and the local financial services sector. This plan outlines our mission and core values, which collectively represent the principles that guide us in fulfilling our goals.

The plan encompasses:

1. A refreshed mission and vision statement that reflects our commitment to achieving our organizational goals
2. Six key objectives aligned with our mission and vision, each assigned to dedicated leaders
3. Critical strategic initiatives coupled with metrics to gauge our success
4. A delivery model that illustrates our roles, deliverables, and the impact we make within a multi-stakeholder environment
5. Six values that define the attitudes, behaviors, and character we uphold, and the image we wish to project to our stakeholders

Strategic Objectives

To advance our mission over the next three years and move towards realizing our vision, several initiatives will be undertaken. This plan commits to six primary strategic objectives:

Enhance our technological capabilities	Strengthen effectiveness in combating financial crime	Establish forward-looking, sustainable, and effective regulation	Be recognized as an employer of choice	Improve the integrity and quality of the Cayman Islands currency	Expand public outreach and education
Identify essential technological solutions to enhance operational efficiency	Identify and address gaps to bolster Cmrai AML/CFT supervisory framework and meet FATF standards	Promote alignment of legislative and regulatory responsibilities	Optimize Cmrai operational structure by removing redundancies and addressing process gaps	Enhance the quality of currency banknotes	Increase stakeholder engagement and conduct more educational programs to raise public awareness of financial services regulation, Cmrai mandate, values, and operations
Implement identified technological solutions	Ensure systems are in place to collect, maintain, analyze, and report necessary data for the FATF Mutual evaluation process	Develop a supervisory framework in collaboration with relevant stakeholders for Reinsurance, Basel III, licensing, and sandbox regimes for VASPs, and addressing ESG and related risks	Build human resource capacity in line with the growing regulatory landscape for robust supervision while supporting work-life balance for staff	Evaluate banknote redemption and print new banknotes that reflect the change in Monarchy
Provide adequate training to internal and external users	Support and collaborate with relevant authorities to establish effectiveness in combating financial crime for a positive outcome in the 5th round FATF mutual evaluation	Enhance supervisory frameworks for Credit Unions and Development Bank	Offer opportunities for staff advancement through training and development	Increase public education and awareness programs in collaboration with law enforcement agencies and industry partners
	Provide clear and comprehensive guidance on the legislative obligations of regulated entities	Engage necessary resources for the development and implementation of new and enhanced supervisory frameworks	Ensure that Cmrai continues to offer a secure, safe, and clean working environment that promotes sustainability
			Transition to a new building to allow Cmrai staff to work together in one physical location

Our Delivery Model

• Inputs represent the resources and outputs from other parties that are utilized in our activities.
• Activities describe collections of actions and services that we provide under our mandate.
• Outputs are the tangible results generated by our activities.
• Direct outcomes are the immediate effects – those we have the most direct influence over through our outputs.
• Intermediate outcomes represent the secondary effects – those over which Cmrai has less direct influence, often shared with our stakeholders.
• Ultimate outcomes are the highest-level results attributed to our outputs, influenced by factors beyond Cmrai's control.