By Jonathan Channing
AS I pen this column, I’m reminded of Kenny Rogers’ classic song The Gambler, with its timeless advice: “You got to know when to hold ’em, know when to fold ’em.” This wisdom resonates profoundly when we consider the global regulatory landscape – a high-stakes league where every move can be pivotal. At the geopolitical, bipartisan poker table, the market aligns with the best players. While Jersey may currently be in the junior league, it’s crucial that we learn not only when to push for a royal flush but also when to fold with dignity. Even in defeat, there’s always another hand to be played – a mindset essential to our economic success.
The reality is straightforward: just as in poker, repeated losses can diminish our chances of staying in the league. Expectations must shift, and strategies must be recalibrated. Jersey has played its hand in this poker tournament, and it’s evident we’ve chosen the COMPLIANCE card.
As the global economic landscape shifts and new opportunities arise, expanding the economic pie, Jersey’s position must evolve accordingly. Whether or not one agrees with the current approach, our jurisdiction must adapt to today’s complex environment. This demands a strategic skills development plan for our population. To succeed, we need a productivity boost, which means embracing digital technologies and showing reverence for the “new kid on the block”. This column focuses on compliance and the advantages of being early adopters of emerging tech methods – particularly OSINT (Open Source Intelligence).
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What is compliance?
In simple terms, compliance ensures that businesses follow regulatory requirements, manage risks, and facilitate customer onboarding. It’s not just about following rules; it creates a foundation that allows businesses to innovate while staying within legal boundaries. Compliance ensures businesses can operate creatively without overstepping the law. While compliance comes at a cost, businesses must be clear on their value proposition to balance these expenses with the benefits provided to clients.
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Compliance: Is OSINT the new kid on the block?
OSINT opens up a vast ocean of data points, allowing businesses to assess risks, analyse patterns, and evaluate vulnerabilities related to data breaches and security. It’s a powerful tool, but the challenge lies in sifting through this extensive data. Platforms such as RiskRecon, now part of Mastercard, help by sorting, weighing, and organising this data into actionable reports. These tools allow businesses to understand their risks better, turning raw data into digestible information for quick remediation.
Economic development bodies such as Digital Jersey and wider agencies such as JCSC (Jersey Cyber Security Centre) and the JFIU (Jersey Financial Intelligence Unit) play an enabling role in shaping our future. Through partnerships, such as the recent agreement with Mastercard and Digital Jersey, they:
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Improve electronic payments: Enhancing payment efficiency for people and businesses in Jersey.
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Enhance cybersecurity: Working with regulators, the government, and financial institutions to boost Jersey’s cyber resilience.
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Support financial education: Promoting digital careers in finance through partnerships with local schools and institutions.
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Boost tourism: Leveraging payment data to enhance Jersey’s appeal as a tourist destination.
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The digital evolution: From fishing rod to net
As the son of a fisherman, I find the following metaphor useful for explaining OSINT. Imagine using a fishing rod in a vast ocean – each company trying to catch the right “data fish”. Platforms such as RiskRecon act like a well-designed net, allowing you to catch multiple “data fish” and gain a broader understanding of the area you’re fishing in. They also enable you to examine the fishing grounds of your suppliers, expanding the view from the company level to the entire ecosystem. This helps businesses assess risks more holistically and take appropriate action to mitigate them.
Other OSINT applications include enhanced Know Your Customer (KYC) processes, which enable businesses to identify risks before they become problematic. This proactive approach positions Jersey as a forward-thinking player in the compliance landscape, reinforcing its reputation as a trusted jurisdiction for regulatory rigour.
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Jersey’s future in the league
If Jersey wants to be a serious player in the global league, we need leadership with the confidence to step up to the high-stakes table. It’s about more than just playing the compliance card – it’s about leveraging technology and global partnerships to ensure our competitiveness. The world is moving fast and, if we want to keep up, we need to make strategic moves that position Jersey as a forward-thinking jurisdiction, capable of navigating complex regulatory environments.
The challenge ahead is clear: Jersey must continue to innovate, embrace digital transformation, and develop the skills needed to stay competitive. The global league isn’t just about winning one hand – it’s about staying in the league and working with the hand we are dealt. To do that, we need leadership that’s not afraid to take bold actions and make decisions that will safeguard Jersey’s future for generations to come. Like David against Goliath, our success will come from our ability to rise to the challenge and confidently say: “Deal me in.”
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Jonathan Channing works with businesses to better understand neurodiversity and bridge the communication gap that is often present in organisations. In addition to this Jonathan has a keen interest in stoicism, broader philosophy and Jungian psychology. Jonathan also stood for election as Deputy of St Saviour in 2022.
