The Cayman Islands Monetary Authority has appointed two deputy heads in the areas of information technology services and the Basel II banking supervisory framework.
Scott MacLaren has been hired as Deputy Head of Information Systems while Mr. Ryan Bahadur, has been promoted to the post of Deputy Head of Banking, where he joins fellow Deputy Head, Tricia Thompson.
Mr. MacLaren’s appointment took effect in October 2009. As Deputy Head of Information Systems his responsibilities include assisting Head of IS, Mr Chuck Thompson, in streamlining business processes. He will also assist in formulating and implementing IS strategies and policies for all divisions in CIMA. With a focus on business continuity, he will be responsible for implementing measures to safeguard the IT systems and the vast data critical to CIMA’s operations.
Mr Bahadur was appointed deputy with direct responsibility for Basel II with effect from August 2009. In this role, he assists the Head of Banking, Reina Ebanks, in the oversight and implementation of the Basel II capital adequacy framework within the Cayman Islands banking industry.
Basel II is a set of international regulatory standards for determining the minimum amount of capital that banks must hold and will apply to approximately 100 locally incorporated banks.
CIMA will be implementing the new requirements from December 2010.
Prior to his present appointment, Mr MacLaren was the owner and chief operator of ME Gan and Associates, a local private IT consultancy company, which he launched in 1993.
In this capacity he has been involved with many high level projects for the Cayman Islands government and the private sector.
Before his entrepreneurial start, he was the support manager for government’s Computer Services Department, where he had begun in 1988 as a support analyst.
In his home city of Vancouver, Canada, he was a programmer for Canada Safeway- a grocery store chain in North America- where he worked on the payroll team, ending his career as a senior analyst before moving to the Cayman Islands in 1988.
Mr. MacLaren graduated with honours from the Information Systems Management program at Langara College in Vancouver Canada.
Mr Bahadur’s promotion to Deputy Head came after six years as a member of the Banking Supervision Division. He joined CIMA in November 2003 as an analyst and was appointed to increasingly senior posts within the division.
Since the start of preparations for the implementation of Basel II, he has helped to formulate policies and guidance, and to refine the structure of Basel II through consultation and participation with the Cayman Islands Bankers Association/CIMA Basel II working committee established in January 2009.
He has participated in presentations within CIMA and to other organisations, and has contributed, as part of the Basel II team, to industry specific publications locally and globally.
Prior to CIMA, Mr Bahadur was employed for six years at a regional bank in his native Trinidad. During his tenure he gained experience in retail banking, bond and share registration, mortgage origination, commercial credit and trade financing.
Mr Bahadur holds a Bachelor’s degree with upper second class honours in management and finance from the University of the West Indies. He also holds the Certified Anti Money Laundering Specialist designation.