The Caribbean Development Bank and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have launched a Caribbean risk management project.
Formally known as “Integrated Sovereign Risk Management in the Caribbean,” the project aims to enable Caribbean countries to take a proactive approach toward country risk management by going beyond traditional planning for natural disaster risks — to include economic, technological and financial risks to help with the region’s socioeconomic development.
The proposed benefits of this project include maintaining country ratings; sharing risk intelligence and mitigation strategies across the region, and encouraging the adoption of a proactive forward-looking risk approach to country management, said Dr. William Warren Smith, president of the Caribbean Development Bank (CDB) in a prepared statement.
The project intends to enable countries in the region to become more resilient “by enhancing the capacity of governments to take a portfolio view on risks and include all risk categories – technical, economic, natural and social risks – and their interdependence in a geographic context,” commented CCRIF CEO Isaac Anthony.
A key aspect of the risk management framework will be to establish country risk officers or coordinators who will take “a holistic approach to risks” before events occur to ensure “a more proactive, precautionary approach to anticipating future challenges,” added Anthony.
The initiative will help countries establish management platforms to help them deliver sustained economic growth and performance and attract international financial and donor support, said CDB Chief Risk Officer Malcolm Buamah.
“CDB’s success in enterprise risk management, complemented by CCRIF’s success in disaster risk management, can be leveraged and transferred to the country platform to deliver significant economic and developmental benefits across the Caribbean,” he added.
Source: Caribbean Development Bank, CCRIF
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