Jamaica Deposit Insurance Corporation (JDIC) is an independent statutory corporation, established in 1998 under the Deposit Insurance Act (DIA). It’s Board is subject to the corporate governance principles embodied in the Public Bodies Management and Accountability Act (PBMA), the Financial Administration and Audit (FAA) Act and the Corporate Governance Framework for Public Bodies in Jamaica.
During the four year planning period FY2020/21 – FY2023/24, the Corporation’s existing mandate for the protection of depositors under the Deposit Insurance Scheme, and for carrying out restructurings of nonviable member institutions as receiver and liquidator will be enhanced. This will be within the context of significant regulatory reforms for financial system safety and soundness started from the prior period.
Enterprise Risk Management
The JDIC’s risk management system is guided by key requirements of the COSO1 ERM Integrated Framework and ISO 31000 risk management standard. The ERM Framework and Policy establishes a Risk Governance Structure with specific responsibilities of the Board of Directors; the Committee of Management and the staff