CIMA to host risk management and internal controls seminar

The Cayman Islands Monetary Authority will be hosting an upcoming seminar on risk management and internal controls. The event, which is scheduled for 29 October to 2 November at the Grand Cayman Marriott Beach Resort, is sponsored by the Association of Supervisors of Banks of the Americas and the Caribbean Group of Banking Supervisors and facilitated by the Federal Reserve of the United States.

Intended for examiners with more than six months of field experience who have participated in examinations of banks, this seminar is designed to provide examiners with an understanding of the importance of internal controls and risk management in banks, and how the review of internal controls and risk management fits into the overall bank rating assessment. The seminar is also intended to give examiners guidance on assessing the risk management and internal control environment in key functions such as credit administration and investments, including trading operations, deposits, and payments systems risk.

Notable speakers and presenters include Sarkis Yoghourtdjian and Rosanne Farley from the Federal Reserve Bank of New York and Yareny Valdes from the Federal Reserve Bank of Atlanta.

Commenting on CIMA’s role in this event, head of the Banking Division Reina Ebanks said, “The Cayman Islands Monetary Authority is delighted to host the Risk Management and Internal Controls Seminar. Our staff is our greatest resource and our investment in their training and development goes a long way in facilitating a safe and sound financial services industry”.

Established in 1999, the Association of Supervisors of Banks of the Americas is a nonprofit, civil association formed to develop programmes for cooperation between different bank supervisory and regulatory organisations. The main activities of ASBA are to promote and maintain close communications between bank supervisory and regulation institutions in the Americas aimed at facilitating cooperation among them for efficient performance of their functions. ASBA also provides a high-level forum for the discussion and exchange of ideas, technology, techniques, experiences and know-how on the matter of its Associate Members’ competence.

The Caribbean Group of Banking Supervisors was established in 1983 under the aegis of the CARICOM Central Bank Governors, with the specific mandate to enhance and coordinate the harmonization of bank supervisory practices in the English speaking Caribbean and bring them in line with internationally accepted practices. The CGBS was later expanded to include non-CARICOM territories and has been formally accepted as a regional grouping under the Basel Committee for Banking Supervision. The CGBS membership presently comprises banking supervisors from sixteen regional jurisdictions, including CARICOM and non-CARICOM countries.

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