2019-2020 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

Upgrade of Agency Office Network Infrastructure All of the ECCB Agency Offices have received revised network configuration inclusive of security features. This enhancement has increased productivity and improved the security posture of the Agency Offices. Satellite Communication Solution In an effort to increase communication resilience the bank has acquired a satellite communication solution that provides satellite internet and telephone services. Foster a Culture of Continous Learning and Professional Development Over the period 2 - 6 December 2019, the ECCB, in collaboration with the Toronto Centre, hosted its first Coping with Climate Change and Other Environment Risks Workshop . The workshop targeted financial regulators and supervisors and aimed to assist supervisors in the identification of climate change risks and environmental factors which pose significant risks to financial institutions, economies and consumers. The programme focused on the development of action plans which supervisors and financial institutions can implement towards adjusting their approaches in product design, investments, stress testing and risk management systems. Over 24 participants attended the training, with representation from the Bank Supervision Department, Office of Corporate Strategy and Risk Management, Eastern Caribbean Securities Regulatory Commission (ECSRC), Financial Services Regulatory Commission (St Kitts branch) and the Nevis Financial Services Department. Some of the core topics delivered at the workshop: (i) Climate related and other environmental risks (ii) Risk Analysis and risk scenarios (iii) Mitigating risks to financial institutions (iv) Action Planning. The session culminated in presentations of problem statements and action plans. Six action plans were developed: 1. Introduction of tools to appropriately identify and capture climate risk exposures in all licensed financial institutions in the ECCU and enhance their risk profiles within eighteen (18) months. 2. Improve awareness of licensed financial institutions on climate related risks through training programs to enhance capacity by December 2020. 3. Capacity building and institutional strengthening for ECCU licensees. 4. Development and implementation of a prudential standard to guide climate risk disclosure by licensed financial institutions by 1 January 2022. 5. Develop and implement a risk based supervision framework for climate risk within a two-year period. 6. Develop and implement a risk based supervision framework for climate risk within a two-year period for the ECSRC.

Snapshots from the Climate Change and Other Environment Risks Workshop

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