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Financial Institution Risk Management in Trinidad and Tobago: A Growing Concern

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In today’s interconnected global economy, risk management has become a top priority for financial institutions in Trinidad and Tobago. The recent rise of terrorist groups such as ISIS and Boko Haram has highlighted the importance of proactively mitigating risks that may impact local businesses.

The Importance of Risk Management

“The world today is a far more interconnected entity than it ever was,” said Mrs. Joel-Ann Cook-Walcott, President of the Institute of Banking and Finance of Trinidad and Tobago (IBF). “We cannot ignore that risks are emerging on every front for business - operational, financial, social, environmental, technical, and political.”

According to Deloitte and Touche’s 8th Global Risk Management Survey, a robust Enterprise Risk Management (ERM) program is crucial in providing an institution with an overall framework for managing risks. ERM assists organizations in identifying and managing significant risks, clarifying their risk appetite and risk profile.

Basel III Framework

The implementation of the Basel III framework for banking regulation has received greater focus globally. In Trinidad and Tobago, the government has strengthened regulations to ensure the sector remains stable and accommodative of growth and economic activity.

Preparing for Evolving Dynamics

Going forward, businesses must be adequately prepared to respond to evolving dynamics in the financial services industry, including new laws, rules, and regulations. The IBF’s 2-day workshop on Enterprise Risk Management aims to provide participants with advanced knowledge and understanding of modern approaches to international enterprise risk management.

Minister’s Message

As Minister of Finance and the Economy, I am heartened that you are all gathered here to engage in this important task. I wish you all success in your endeavours and look forward to a business sector much better equipped to deal with the vagaries of a fickle world," said [Minister’s Name].

Industry Expert Insights

The workshop, facilitated by Mr. Keith Checkley, brought together industry experts from various organizations to discuss the importance of risk management in today’s financial landscape.

Conclusion

With the global economy still recovering from the worst downturn in recent history, it is more crucial than ever for businesses to proactively manage risks and leverage emerging opportunities for growth and advancement.