The Central Bank of The Bahamas has announced the release of a new regulatory document, Enterprise Risk Management Guidance Notes. Supervised Financial Institutions (SFIs) are required to implement an appropriate enterprise-wide risk management framework and must now submit enterprise-wide risk management assessments to the Central Bank on or before 30 September, 2023.
The Guidance Notes sets out the minimum standard that the Central Bank expects SFIs to adopt for evaluating risk, identifying material and emerging problems, and enabling prompt corrective action to safeguard their financial safety and soundness.
SFIs are encouraged to tailor their framework to align with the nature, size, and complexity of their business and risk appetite and they are expected to notify the Central Bank of any changes or deviation from their Board approved risk management framework.
