Enterprise Risk Management Guidance Notes
Published: Thursday June 22nd, 2023
Amended: Wednesday July 26th, 2023
Press Release
Enterprise Risk Management Guidance Notes
The Central Bank of The Bahamas is pleased to announce the release of the Enterprise Risk Management (“ERM”) Guidance Notes, with an effective date of 22 June, 2023. With the release of the framework, Supervised Financial Institutions (“SFIs”), as applicable, inclusive of credit unions, are required to submit their enterprise-wide risk management assessments to the Central Bank on or before 30 September, 2023.
These Guidance Notes provide the industry with the Central Bank’s minimum expectations when developing an ERM Framework that enables SFIs to develop and implement strategies, policies, procedures and controls to effectively manage risks. SFIs are encouraged to tailor their framework to align with the nature, size, and complexity of their business and risk appetite. SFIs are expected to notify the Central Bank of any changes or deviations from their Board approved risk management framework.
The document is accessible on the Central Bank’s website at www.centralbankbahamas.com, on the main page under Press Release using the path: Latest News → Press Release. Alternatively, the Guidance Notes are also assessable in the Bank Supervision section under: Core Functions → Bank Supervision Department → Policies and Guidance Notes.
Questions or comments regarding the Guidance Notes should be addressed to:
Policy Unit
Bank Supervision Department
Central Bank of The Bahamas
