ECCB 2020-2021 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

3. Trade Based Money Laundering 4. Politically Exposed Persons 5. Correspondent Banking

Risk Assessments Training At the 4 th Meeting of Licensed Financial Institutions (LFIs) held 13 November 2020, the ECCB presented on the topic ‘AML Risk Assessments - A Necessity or Regulatory Burden’. The training was aimed to provide LFIs with an overview of institutional money laundering and terrorist financing risk assessments and the importance of the assessment in the application of a Risk Based AML/CFT Compliance Programme. Integrating Climate-Related Financial Risks in the Eastern Caribbean As part of the Adapt’Action Facility, the ECCB is partnering with United Nations Environment Programme – Finance Initiative (UNEP – FI), the Agence Française de Développement Group (AFD and Expertise France), and the Organisation of Eastern Caribbean States (OECS) on Integrating Climate-related Risks in the ECCU. To this end, a high level presentation was made to the Regulatory Oversight Committee in March 2021, to sensitise members about the project. An awareness session was also held with representatives of Development Banks and national regulators on 26 March 2021, which focused on financial risks arising from climate and environmental risks, a roadmap for a sustainable financial system, and a strategic approach to managing risks and opportunities in climate change. The awareness session was part of a series of four workshops on the importance and impacts of potential climate-related financial risks, how to monitor and supervise those risks, and how to include these issues in strategic plans. Continue To Transform The ECCB Along S.T.A.R. Values In response to the environmental changes posed by COVID-19, the Bank was more deliberate about the well-being of employees and ensured employees remained engaged during the pandemic. The thrust for service excellence and teamwork continued as the Bank utilised various creative initiatives to meet the needs of employees and deliver the same high quality service while telecommuting. These initiatives included inter alia, monthly town hall meetings through a virtual medium, HR virtual open door availability, departmental partners, flexible leave opportunities, virtual Fun at Work week, and HRD’s 10 Days of Christmas trivia event. Reformulate Organisational Structure to Support Strategy The Bank focused on strengthening its policies and procedures during the review year. The drastic changes brought about by the COVID-19 pandemic accentuated the need for the Bank to have strong and flexible policies and procedures in place that are able to guide staff, create greater alignment between the Bank’s strategies and increase efficiency and effectiveness. Prior to the pandemic, the Bank commenced work on a Telecommuting Policy which was finalised in the early weeks of the pandemic and effected on 1 July 2020. Subsequently the Bank focused its efforts on the Code of Ethics Policy and the Whistleblower Policy for completion and operationalisation in early 2021. Both policies aim to strengthen accountability and will also serve as better guidance to staff as they continue to navigate the work from home environment. Compensation and Benefits Management Compensation and benefits are a key part of Human Resource Management. The Bank remained committed to ensuring that its benefits package continued to motivate its current employees, while keeping their focus on the Bank’s strategic goals, and to attract new ones. The Bank was open to exploring recommendations for improvement in all its benefits and seized the opportunity to further improve its mortgage loan

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 29