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Financial Institutions Risk Management Framework in Trinidad and Tobago
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Trinidad and Tobago’s financial institutions are facing an increasingly complex landscape, with emerging risks on every front. The Institute of Banking and Finance recently held a two-day workshop to discuss the importance of enterprise risk management (ERM) in navigating these challenges.
The Importance of Enterprise Risk Management (ERM)
The world has become more interconnected than ever before, making it essential for financial institutions to proactively manage risk. The 2008 financial crisis was a stark reminder of the need for robust risk management frameworks. Today, risks are emerging from:
- Operational fronts
- Financial fronts
- Social fronts
- Environmental fronts
- Technical fronts
- Political fronts
According to Deloitte’s Global Risk Management Survey, a robust ERM programme provides an institution with an overall framework and methodology for managing significant risks.
Regulatory Developments in Trinidad and Tobago
In Trinidad and Tobago, the government has strengthened regulation to ensure the financial sector remains stable and accommodative of growth. However, businesses must be adequately prepared to respond to evolving dynamics in the financial services industry, including new laws, rules, and regulations.
The Recent Workshop
The recent workshop aimed to provide advanced knowledge and understanding of modern approaches to international enterprise risk management. Participants were equipped with:
- Necessary analytical capabilities
- Information technology systems
- Data sets to facilitate their adaptation to an increasingly complex global economy
Minister’s Remarks
As Minister of Finance and the Economy, I am heartened that financial institutions in Trinidad and Tobago are committed to embracing emerging risks as opportunities for growth and advancement. I wish all participants success in their endeavours and look forward to a business sector better equipped to deal with the vagaries of a fickle world.
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