The Caribbean Regional Technical Assistance Centre (CARTAC) in collaboration with the Financial Services Regulatory Authority (FSRA) and the Caribbean Association of Credit Unions Supervisors (CACS) are currently hosting a 4-day workshop (Aug. 17 - 20), at the Royal by Rex Resorts.

The workshop, held under the theme “Strengthening of Credit Union Supervision and Regulation in the Caribbean” highlights the activity's focus. The workshop brings together approximately 50 officials, mainly Financial Regulators across the region, representing 16 countries - Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Dominica, St Kitts & Nevis, Grenada, Guyana, Haiti, Saint Lucia, St. Vincent & the Grenadines, Surinam, Trinidad & Tobago, Turks & Caicos Islands and Jamaica.

The workshop will focus attention on credit risk/loans reviews, stress testing, risk management and prompt corrective actions, risk weighted capital adequacy, and corporate governance.

"This effort of capacity building and strengthening is expected to result in the development of an indispensable skills set and enhance the regulatory toolkit which would allow regulators to confront the many challenges of an environment which continues to evolve and is constantly changing," said Mr. Calixte Leon, Executive Director of the FSRAI, adding that ultimately, the credit union sector should grow stronger, be more efficient and be better placed to satisfy the needs and aspirations of its members.

In welcoming the workshop's participants, Chairman of the FSRA, Mr. Vincent Hippolyte expressed his pleasure at Saint Lucia's decision to host the conference.

"We believe that it is timely since we have assumed our role as the new regulator for credit unions since January, 2014."

The Caribbean Association of Credit Unions Supervisors is also a new body which was created in 2014 by regulators across the region. CACS has taken on the challenge of providing a forum for exchange, communication and collaboration on matters related to the supervision and regulation of credit unions.

The workshop is part of CARTAC’s more than a decade old mandate to provide technical assistance to build capacity in various aspects of financial supervision and regulation within the region. This mandate is being under the Financial Sector Supervision program, being led by the Resident Financial Sector Expert, Mr. Courtney Christie-Veitch. With technical assistance from CARTAC, credit union regulators in the region have made significant progress in strengthening their supervision and regulation framework, with at least 13 of 20 CARTAC members implementing Risk Based Supervision.