The Caribbean has several leading finance centres, however since the Global Financial Crisis (GFC) it has faced challenges in adapting to the waves of new financial regulations.
These include international standards for combating money laundering and financing of terrorism recommended by the Financial Action Task Force; a new global regulatory standard on bank capital adequacy, stress testing and market liquidity risk under the BASEL III accords; and the Foreign Account Tax Compliance Act that was enacted in 2010 in the USA.
GBRW was engaged to support the establishment of a Caribbean Centre of Excellence for Financial Services (CCEFS). The objective of the project was to formulate recommendations for the transitioning of Bahamas Institute of Financial Services to the CCEFS, a regional, financially sustainable Centre that is responsive to the training and research needs of the financial services sector in CARIFORUM states.
The CCEFS is expected to function as a regional training institution for the provision of professional finance education as well as a regional research institute for the financial services industry. In order to ensure that the CCEFS meets the needs of the Caribbean financial services sector, a feasibility study was being commissioned to inform decision making. The outputs of the study included a comprehensive business/operating plan and roadmap for the establishment of a financially sustainable Centre that is responsive to the training and research needs of the region.
Deliverables included:
– Review of status of financial sector across the Caribbean
– Identification of training needs within different sub-sectors of the financial services industry
– Assessment of provision by, and capabilities of, existing training organisations
– Facilitating workshops to consider the Vision for CCEFS and potential operating model
– Financial analysis and modelling
– Preparation of feasibility study, business plan and roadmap
