Technical Assistance for the Development of Accredited and Professional Training in the Financial Service Sector in Barbados
As with many countries in the world, including the leading international financial centres, the global financial crisis exposed some weaknesses in Barbados’ regulatory architecture, particularly the existence of several overlapping bodies. Consequently, Barbados is setting up a unitary Financial Services Commission and the aim is to establish this in the second quarter of 2010.
A Financial Regulatory Conference on 14th October 2009, organised by the Central Bank of Barbados, emphasised the urgency and importance of these changes for Barbados to retain its reputation as the best regulated market in the Caribbean and to develop its competitive advantage. The establishment of the Institute of Financial Risk and Regulation (IIFRR) to improve the training and skills level of finance professionals in regulatory issues is a key component in Barbados further developing its reputation and competitiveness.
We [IAS] were contracted to assist in the establishment of a sustainable business model for the IIFRR in Barbados and to produce a menu of marketable, custom-tailored, accredited courses in the areas of risk management, anti-money laundering, corporate governance and supervision, targeted at young professionals, middle and senior management in the Caribbean and beyond.