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CARICOM Secretariat strengthens internal risks management system
Published on August 22, 2014 Email To Friend    Print Version

Members of the CARICOM Secretariat Barbados Office who formed part of the working group

GEORGETOWN, Guyana -- The Caribbean Community (CARICOM) Secretariat is actively pursuing enhancements to systems and procedures required of organisations to be entrusted with resources and budget implementation tasks under protocols designed by development partners.

These enhancements include a process of preparing for a seven-pillar assessment that provides assurance that practices are in place to ensure successful implementation and accountability.

As part of the seven-pillar assessment, and within a broader framework to improve the Secretariat’s business processes, a group of staff members from across various directorates and departments within the CARICOM Secretariat’s Guyana and Barbados offices recently completed training in enterprise risk management.

Emphasis was placed on risk assessment and transformation with the aim of promoting awareness among staff at several levels including those in the executive management committee and senior management committee.

Risk management awareness and transformation fit comfortably with the roll out of the recently approved Strategic Plan for the Community (2015-2019): Repositioning CARICOM.

The members of the working group were drawn from the directorates of human and social development, trade and economic integration, and foreign and community relations, and the CARICOM Single Market and Economy (CSME) and Office of Trade Negotiation offices. Included also were legal, finance, resource mobilisation, audit, and human resource management.

The training was conducted by consultant from the Institute of Risk Management (IRM), United Kingdom, Norman Hoppé, who exposed the group to concepts in risk profiling for enterprises, risk identification, tracking development of the risk register, risk treatment, measurement, reporting and the development of an initial risk framework.

Ambassador Manorma Soeknandan, CARICOM deputy secretary-general, during a final wrap-up of the training, noted that she was pleased the Secretariat can demonstrate to stakeholders, a structured approach adopted to risk management practices. She encouraged the members of the working group to keep seeking new avenues to continually boost their capacities, for the benefit of all. Capacity and awareness, she said, are important for future relationships and engagement with member states, regional institutions and development partners.

The deputy secretary-general further express appreciation to the members of the working group for their demonstrated commitment of both time and effort in commencing the development of the risk register and framework which assisted with risk identification, analysis, evaluation and treatment.

With the development and roll out of the strategic plan, it was felt that the Secretariat needed a modern enterprise risk management to demonstrate to stakeholders including internal publics, member states and donor partners that it takes risk-assessed decisions and that it undertakes risk-managed functions.
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