Bahamas - FirstCaribbean International Bank

Martin Griffiths
Chief Risk Officer
Risk Management
identified, control deficiencies are communicated and remedied across
the Group. FirstCaribbean has adopted the Sarbanes-Oxley Act in as far its
business activities are material to CIBC and this has led to a material overhaul
of the bank’s control deficiency approach in 2007.
Operational risk management activities across the Group are reported
regularly to the Audit & Governance Committee.
Basel II
FirstCaribbean continues to follow the regulatory developments of Basel II.
Preparations for changes to risk management practices necessary to comply
with the forthcoming regulations have been in evidence throughout the
year and will continue in 2008. It is the Bank’s intention to leverage the
enhancements being made to the sound Risk Management capabilities in
place today in order not only to meet the new requirements but additionally
to better manage our risk adjusted returns to our shareholders.
We would like to encourage the ongoing dialogue with our regulators. We
would welcome an approach that would lead to implementation at the same
time across all our largest markets. We would like to recommend region
wide reporting formats and limited use of national discretion exceptions.
This approach would make the implementation easier for all stakeholders
and make it easier for regulators to assess risks in banks across the region.
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