The Caribbean Development Bank (CDB) is hosting the 2024 Multilateral Development Banks (MDB) Chief Risk Officers (CRO) Forum which opened on September 9, 2024, in Bridgetown, Barbados, bringing together over 20 senior risk management professionals for intensive consultation.

The two-day event provides a unique platform for the CROs to share strategies for supporting the long-term sustainability of their institutions through collective expertise and strategic dialogue.  The agenda is focused on advancing risk management practices, fostering knowledge-sharing, and enhancing dialogue among participating institutions.

The sessions cover critical topics such as recent developments in climate risk, public and private sector perspectives on climate risk instruments, and innovations in MDB risk management.  The discussions will also address both the potential risks and applications of artificial intelligence in risk management and issues impacting risk management in conflict countries.

In his opening address, CDB Acting President, Mr. Isaac Solomon, described the Forum as critical for creating more resilient, innovative, and adaptive multi-lateral financial institutions. Citing the current international financial climate, Mr. Solomon said, "At a time when the global financial landscape is fraught with uncertainties, our role in ensuring financial stability and enhancing risk management is now more critical than ever. The challenges we face are numerous and complex, ranging from geopolitical tensions to climate change, from economic instability to technological disruptions."

He added, "Your presence demonstrates a shared commitment to enhancing our capabilities to manage risks effectively, to ensure financial stability, preserve our institutions’ credit ratings, and to drive sustainable development across our regions”. 

Current Chair of the MDB CRO Group, Ms. Rachel Robboy of IDB Invest said, “Balance sheet optimisation and working together as an MDB ecosystem are front and centre on the CRO risk agenda as we share best practices, lessons learned, innovations, and opportunities to generate impact and manage risk.” 

Chief Risk Officer of CDB, Mr. Stefano Capodagli said, “The 2024 MDB CRO Forum underscores the critical importance of risk management in today’s complex global financial environment. By bringing together some of the brightest minds in risk management, CDB reaffirms its dedication to fostering collaboration and innovation in this vital area. This Forum not only strengthens partnership among participating institutions but also contributes to the broader goal of sustainable development across the Caribbean and beyond.”

Established in 2013, the CRO Forum is held annually to facilitate enhanced collaboration among MDBs on risk management strategies, responses to global issues, and mobilising resources. Insights and initiatives emerging from the event serve to enhance the resilience and stability of MDBs globally and contribute to the broader goal of sustainable development.