Grenada : Technical Assistance Report-Systemic Risk Monitoring

The technical assistance aimed to enhance the capacity of the Grenada Authority for the Regulation of Financial Institutions (GARFIN) to monitor and assess systemic risk for non-bank financial institutions. The mission emphasized the need to clarify the macroprudential mandate and strengthen cooperation with the Eastern Caribbean Central Bank (ECCB) to effectively conduct macroprudential work. It suggested extending the existing Annual Report and Accounts to include key financial stability indicators and their assessments. Additionally, the mission highlighted the necessity of revising current reporting templates to better reflect systemic risk. The importance of a robust data management system was also underscored to facilitate advanced data queries and improve financial stability analysis. Enhanced staff capacity, particularly in macro-financial analysis and quantitative skills, was recommended to support these efforts. Regular communication of key financial stability risks through various channels, including GARFIN's website and social media, was also advised to ensure transparency and stakeholder engagement