2019-2020 Annual Report and Statement of Accounts

Office of Corporate Strategy and Risk Management

T he role of the Office of Risk Management was expanded during the year to include responsibility for the development and monitoring of the Bank’s Strategic Plan. Consequently, effective 1 October 2019, the office was renamed: Office of Corporate Strategy and Risk Management (OCSRM). The key initiatives of the OCSRM during the year are summarised as follows: 1. The full implementation of the Operational Risk Management Framework, thereby enhancing the Bank’s ability to effectively manage its operational risks and reduce the occurrence of risk events; 2. The production of an animated series, ‘Talking Risk”, which was a tool used to raise risk awareness across the Bank and serve as a quick reference guide; 3. Targeted training in the development and implementation of an effective Business Continuity Plan to support the comprehensive review and revamping of the Bank’s Business Continuity Management System (BCMS); 4. The development of a revised framework for guiding the Bank’s Strategic Plan for the period 2021-2026. Capacity building sessions were convened with the management teams of all departments to introduce the new approach and chart the way forward for the development, implementation and monitoring of the plan; and 5. General oversight for the Bank’s Fintech Project, including the pilot of a digital version of the Eastern Caribbean Currency. Over the period, information technology risks continued to be an area of focus for the OCSRM, given the Bank’s thrust towards gaining efficiencies through the use of technology. The recent threat of the COVID-19 virus also presented a rare opportunity to undertake a holistic assessment of the Bank’s contingency systems and its ability to ensure business continuity in the event of a major disruption. The information gleaned would inform any required improvements and help shape the Bank’s strategic direction going forward.

ECCB KEY RISK AREAS

Exchange Rate

Market

Monetary Policy

Financial Risks

Strategic Risks

Credit

Financial Stability

REPUTATIONAL RISKS

Liquidity

Strategic Projects

Operational Risks

Information Technology

Information Management

Business Continuity

Compliance & Business Practices

Physical Security

L-R: Risk Analyst II (Operational Risks) - Miryam  Augustin; Risk Analyst II (Strategic Planning) - Karel Forde-Harrigan; Chief Risk Officer - Sharmyn Powell; Senior Administrative Assistant - Antonia Aaron;  Risk Analyst II (Business Continuity) - Kechewia Charles    Meet the Office of Corporate Strategy and Risk Management Team

Human Resource Management

Health & Safety

Legal

| EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 28