Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Organisational Effectiveness and Development

incorporates a Bank-wide evaluation to determine the likelihood of occurrence and potential impact of risks on the Bank at a residual level. A standard risk scoring methodology has been devised to provide context and ensure consistency in reporting and evaluation of risks. The output fromthis process is consolidated to determine the principal risks and uncertainties for the Bank. The Management Risk Committee (MRC) reviews and validates these risks, providing further input where necessary before submission to the Board Audit and Risk Committee (BARC) for final consideration and approval.

The Board and the BARC are furnished with quarterly updates from management risk owners in relation to the Bank’s principal risks. These updates include the history of the risks to date, key mitigating actions and controls, residual risks and any future actions planned to address or control deficiencies. The enterprise risk management process is embedded across the Bank to support the delivery of the Bank’s strategic objectives. The annual risk assessment is an integral part of this enterprise risk management process. This risk assessment

Table I - ECCB Risk Management Governance Framework

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