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ECCB ANNUAL REPORT 2016/2017
It is recognised, however, that a culture of aggressive
risk avoidance could potentially stifle the progress of
the institution and erode the Bank’s ability to achieve
its overall objectives. Consequently, being cognisant
of the need to take appropriate risks, the Risk
Management Framework emphasises highly effective
risk management responsibilities at all levels of the
institution.
Three broad categories of risk have been identified
and articulated in the Risk Appetite Statement namely:
Strategic, Financial, and Operational, which are further
divided in multiple sub-categories. The effective
management of the various risks, as identified, is
reliant on detailed policies, processes and procedures
as defined and documented.
Monitoring and reporting are also vital elements of
the framework to ensure that the practices remain
in accordance with international best practices and
applicable to the prevailing operating environment.
During the year, the Chief Risk Officer spearheaded
the following activities as part of the Enterprise Risk
Management implementation programme:
•
•
A review of the Bank’s corporate governance
structure to ensure that the necessary
infrastructure is in place to support effective
risk management at the Bank;
•
•
The administering of a Bank-wide Risk
Awareness Survey and follow-up risk awareness
orientation sessions with all departments;
•
•
A revamping of the role of Surveillance Officers
within departments to adopt a more risk-
based approach. As a result, the designation
was changed from Surveillance Officers to Risk
Liaisons;
•
•
A one-week training session for select staff
across the Bank, along with representatives
from ECCU commercial banks, in Enterprise Risk
Management and Disaster Recovery and Business
Continuity Management; and
•
•
Thecompletionofaone-weektrainingattachment
at the Office of Risk Management of the CDB.
Mr Allen Keele, facilitator, and participants of the one-week training session on Enterprise Risk Management and Disaster Recovery and Business
Continuity Management which was held at the ECCB Headquarters from 20 - 24 February 2017