Launched at the CDB Board of Governance Meeting in 2017, the Integrated Sovereign Risk Management Project will enable the development of a standardized integrated risk management framework for use by all Caribbean countries and will advance the institutionalization of country risk coordinators within countries who would act as a central point of contact for the purposes of managing a comprehensive multi-area risk portfolio.
This project will allow for countries to take a more proactive approach towards country risk management, moving beyond planning for disaster risks such as climate change and other extreme events and recognizing the intrinsic linkages between disaster risk and other types of risk such as economic, technological and financial risks and the impacts of these on socioeconomic development as well as current attempts to transition to a green, blue and circular economy.
COAST is an innovative climate risk insurance mechanism to promote: food security; livelihoods of fisherfolk; resilient fisheries; sustainable management of coastal infrastructure; and disaster risk reduction in the Caribbean.
A snapshot of key milestones
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) offers CARICOM governments an opportunity to transfer some of the economic risk they face from the impact of hurricanes and earthquakes.