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This article, the second in a four-part series, looks back at some of the Central Bank of Barbados’ activities and initiatives in 2024. Read part one here.
In April, the Bank teamed up with the Financial Services Commission (FSC) to host a panel discussion entitled “Not If; But When: Managing Cyber Risk in Barbados’ Financial Sector” as part of their Domestic Financial Institutions Conference seminar series.
During the virtual event, Tamara Hurley, Deputy Director, Bank Supervision at the Central Bank and Shonté Chandler, Analyst at the FSC, discussed the actions the island’s two main financial regulators require their licensees to take to mitigate the risk of cyber-attacks and the requirements for reporting them should they occur, while Ryan Greaves, Chief Technology Officer at COB Credit Union, shared his organisation’s experience in responding to and recovering from a cyber breach. Anthony Harris, President of the Information Systems Security Association, Barbados Chapter, and Greg Vanier, Senior Vice President, Crisis and Risk, Edelman Canada, each offered their professional expertise on best-practices for cybersecurity and communicating about cyber breaches, respectively.
Later in the quarter, the Bank once again collaborated with the FSC, its sister regulator, to publish the 2023 Financial Stability Report, which analyses the overall soundness of Barbados financial system and reports on the performance of its main players: commercial banks, insurance companies, credit unions, mutual funds, pension plans, and the deposit-taking finance companies.
The report, which was revamped to make it more forward-looking, identified and analysed three key risks to financial stability: a global economic slowdown, climate risk, and cyber risk. It also conducted stress tests using a variety of scenarios, including an increase in non-performing loans (loans not being repaid on time) and a sudden significant increase in withdrawals to assess financial institutions’ ability to withstand these shocks.
Since its establishment, the Bank has been a champion of the arts and culture in Barbados, including through its long-running sponsorship of the Crop Over Visual Arts Festival.
Speaking at the official launch of the 2024 exhibition, Governor Dr. Kevin Greendige reaffirmed the Bank’s commitment to it, noting not only its cultural and social benefits, but also its potential economic impact:
“The visual arts sector contributes to economic development by attracting tourists and creating jobs. Art galleries, exhibitions, and festivals draw visitors, increasing tourism revenue and promoting Barbados as a culturally rich destination. Additionally, supporting local artists and art-related businesses stimulates economic activity, creates employment opportunities, and encourages entrepreneurship within the creative industries, diversifying the economy.”
The Bank later extended its support beyond the visual arts element to become a major sponsor of the entire Crop Over Festival.
During the quarter, the Bank once again held its summer internship programme, welcoming 26 tertiary-level students to the organisation for three months to hone their technical skills and gain exposure to the world of work.
With Governor Greenidge having assumed the chairmanship of the CARICOM Committee of Central Bank Governors at the start of 2024, the Bank hosted the first of the group’s bi-annual meetings in May. This was held virtually, while the second meeting was held in person in November.
In keeping with its statutory obligation, the Bank published its 2023 Annual Report at the end of May.