Securities Commission launches digital transformation project

The Securities Commission of The Bahamas announced the launch of Project Butterfly, an initiative to automate and modernize its supervisory processes as well as the way the regulator receives, handles and applies data and information throughout its operations.

The two-phase project takes a holistic approach to modernizing the commission’s data gathering and operational workflows – from how persons interact with the commission to make applications and regulatory filings, and encompassing revised electronic workflows, technological cohesion throughout departments and operations, the automation of priority processes, the implementation of a data warehouse and improved reporting capacity, among other things.

The ultimate goal of Project Butterfly is to improve the ease of business for the commission’s constituents and to increase its operational efficiency. Project Butterfly aims simultaneously to enhance data analysis, improve the commission’s understanding of rising regulatory risks and other trends, and expand its capacity to inform policymakers and the public about the spaces its regulates.

“The Securities Commission of The Bahamas has earned a reputation for excellence as a forward looking, innovative financial regulator,” Executive Director Christina Rolle said.

“Without ceding any ground in the development of our regulatory framework, we see the need to look inward to address our operational capacity by stepping back to carefully rationalise our processes and embracing technology throughout our operations. This moves us forward on the path to cementing the commission as a best-in-class, world-leading securities regulator.”

Phase one of Project Butterfly will lay the digital foundation necessary to complete this transformation initiative. It involves a review of the Commission’s processes and the implementation of an improved filings portal, which will be integrated with internal software applications, processes and workflows. It is anticipated that the filings portal will be rolled out by the end of October while phase one will be concluded by 31 December 2022.

The commission issued a request for proposal for a data warehouse solution in November 2021, with the objective of supporting its digital transformation goals. The data warehouse project is now subsumed under Project Butterfly, and will be advanced in phase two, after the requisite digital foundation has been laid.

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