The Central Tenders Committee awarded contracts for two related projects on the Basel II Framework for the Cayman Islands Monetary Authority and renewed the public relations contract for the Portfolio of Finance and Economics.
The first in the sum of US$965,000 was awarded to Decisionsoft Ltd. (U.K.) for the provision of Basel II Electronic Data Reporting, with the mandate of providing a mechanism to collect Basel II regulatory data from CIMA regulated banks via electronic submission. This project, upon completion, will facilitate effective supervision and monitoring of banks by CIMA and will produce an evaluation report based on the data collected.
The purpose of Basel II, initially published in June 2004, is to create an international standard for banking regulators to guarantee that policy and procedure effectively guard against various types of financial and operational banking risks. The framework is designed to ensure that a bank holds capital reserves appropriate to the risk that bank is exposed to (in its lending and investment practices).This functions to protect the international financial system from problems that might arise should a major bank or series of banks collapse.
The second contract was awarded to Celerus Inc. (Canada) in the sum of US$1,077,708 for the Basel II Data Warehousing and Analysis. This project involves the storage of data, data retrieval capabilities, reporting and analytic services. Both projects are expected to be complete by mid 2010.
The Portfolio of Finance and Economics also renewed the public relations contract estimated at US$662,000 with Fleishman Hillard for global, strategic public and media relations, public affairs and lobbying services in relation to the Cayman Islands financial services industry.