Regulatory Alerts2005-01-01
Standards of Best Practice on Country and Transfer Risk
The Bank of Jamaica issued these Standards of Best Practice to establish minimum frameworks for financial institutions to identify, monitor, and control country and transfer risk in international lending and investment activities. The document defines various risk types and mandates that licensees implement comprehensive management programs, including board-approved policies, robust assessment systems, and consolidated exposure measurement. It further requires strict control processes, such as setting prudential exposure limits and maintaining adequate provisions, while outlining the oversight responsibilities of the Board of Directors and senior management.
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