The Caribbean needs to be prepared for risks, global and otherwise, and the Government is proceeding to enhance data collection and collation to prepare for such risks.
00:00Global political shifts are impacting risks for private and public enterprises, particularly in the Caribbean.
00:08The recent trade and regulatory upheavals of said president and developments around Venezuela and the U.S., Venezuela and Trinidad, Venezuela and Guyana,
00:19have shown us how quickly external forces can destabilize markets, disrupt supply chains, and redefine expectations.
00:30Caribbean institutions must be ready to absorb these shocks.
00:37Ken Hackshaw, founder of Caribbean Risk Management Academy, was addressing the audience at their seventh annual conference.
00:44He says now is the time to rethink how the Caribbean not just responds, but adapts to such risks.
00:52But every institution must prepare for a future defined by uncertainty, volatility, and increased risk velocity.
01:04Now, folks, this is not a call to fear.
01:08It's a call to elevate.
01:12It's a call to activate.
01:13Very rarely would you, if ever, you'd hear me use the word risk awareness.
01:19We're way beyond the awareness category.
01:23Preparedness is always key.
01:26Caribbean institutions, public and private, must become, I submit the following,
01:32more prepared in your systems and strategies, more resilient in your risk culture and leadership.
01:39There's a term called resilient leadership.
01:41My colleague, Mr. Anthony Sibiru, will be speaking to that later on.
01:46More risk intelligent in your thinking and decision making.
01:51Candice Ramsaran, Deputy Permanent Secretary at the Planning Ministry, says for public bodies, risk is reality.
01:58Government institutions are constantly bombarded by risk that affect security, stability, the implementation of projects,
02:13all capable of negatively affecting the ability to perform or functions.
02:21And these risks come in the form of global pressures, economic volatility, climate, and other environmental shocks.
02:35Data, she says, help to make right decisions quickly.
02:40Enhancing Trinidad and Tobago's data capacity is a major goal of this government.
02:46We are working to expedite and transform the Central Statistical Office, enhancing data collection, data sets, and how we use the data.
03:00Interagency data sharing will be improved as part of this plan,
03:05allowing government databases to communicate securely as part of an all-of-government approach.
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