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Managing risk is how financial institutions (FIs) make money. They pay top dollars to teams including strategists, internal analysts, actuaries and brokers who, together, are responsible for identifying, measuring and managing various types of risks including operational risk, liquidity risk, reputation risk, market risk, investment risk and credit risk. By the actions and inactions of governments, they are assisted in their risk management efforts.

In 2008, Minister of Finance Audley Shaw, tabled a Bill to initiate credit reporting in Jamaica. Just four years later, then Minister of Finance and Public Service, Hon. Dr. Peter Phillips was able to grant the first license for the operation of a credit bureau in Jamaica. “I signed the first licence under the Credit Reporting Act…and we hope overtime, that this will help to improve the quality of the loan portfolio of the banks.” These events represented a tremendous stimulus for the financial industry, which at…

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