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Risk Assessment Frameworks Crucial for Financial Institutions in Samoa Amid Rising Disaster Risks

Introduction

A new report highlights the importance of robust risk assessment frameworks for financial institutions in Samoa, as the country grapples with an increasing number of natural disasters. The Sendai Framework for Disaster Risk Reduction 2015-2030 provides a roadmap for disaster risk reduction, and Samoa’s disaster risk reduction status report offers a comprehensive snapshot of the country’s progress towards achieving this framework.

The Importance of Risk Assessment Frameworks

The report, prepared by the United Nations Office for Disaster Risk Reduction (UNDRR) in collaboration with the Asian Disaster Preparedness Center (ADPC) and Tonkin + Taylor, highlights the need for financial institutions to adopt effective risk assessment frameworks to mitigate the impact of disasters on their operations. The country’s government and stakeholders are urged to strengthen disaster risk management governance at both national and local levels.

Key Findings

  • A detailed analysis of Samoa’s progress in implementing the Sendai Framework
  • Identification of key challenges and opportunities for improvement
  • Recommendations for policymakers, financial institutions, and other stakeholders to enhance their resilience to disasters

Recommendations for Financial Institutions

In light of these findings, it is essential that financial institutions in Samoa prioritize the development and implementation of robust risk assessment frameworks to protect their operations and customers from the growing threat of natural disasters.

Key Takeaways

  • Robust risk assessment frameworks are crucial for financial institutions in Samoa amid rising disaster risks
  • The country’s government and stakeholders must strengthen disaster risk management governance at both national and local levels
  • Financial institutions must prioritize the development and implementation of robust risk assessment frameworks to protect their operations and customers from disasters.