Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine, has called on commercial banks to manage rather than avoid risks and to analyse risks carefully so that they can minimise them and leverage opportunities.
Governor Antoine issued the call as he delivered the opening remarks at a five-day training workshop on the International Standard Organisation (ISO) 31000 Enterprise Risk Management (ERM) Framework and Disaster Recovery and Business Continuity Management at the ECCB Headquarters, St Kitts and Nevis on 20 February.
The workshop is designed to help organisations establish a common platform and approach for managing risks and gain insight in the development of their Disaster Recovery and Business Continuity Plans.
The Governor emphasised that risks abound and highlighted some of the risks commercial banks face including: financial, operational, credit and strategic risks. He said that avoiding risks was not an option. Rather, the banks had a responsibility to manage risks and that failure to do so would be a dereliction of their duties. He added that risk management required an enterprise risk management approach and as such he hoped that the workshop would provide them with the ideas, concepts and tools to help them manage risks.
The Governor also encouraged the bankers to consider the risks they are taking, the risks they are failing to take and whether they are taking the right risks. He said that careful analysis of risks provides an open approach which would help them to mitigate risks while tapping into and leveraging opportunities.
Allen Keele, President and CEO of Certified Information Security (CIS) is conducting the workshop. The sessions will cover:
• The principles and process of risk management;
• A thorough overview of the requirements of ISO 31000; and
• Practical guidance on designing and implementing a suitable ERM framework.
Representatives from eight of the commercial banks and one private company which operate within the ECCB member countries, along with the ECCB Risk Liaison Officers are attending the workshop.