delisle worrell : challenges to increase it efficiency address by dr delisle worrell, governor of the central bank of barbados, to the information society of barbados ( isb ), barbados hilton, bridgetown, 2 july 2010. * * * this dinner is an opportunity to revive the isb, at a time when there are important challenges facing us, which can be addressed only by an organization which is structured like the isb, bringing together it professionals and users. when we started the isb we were at the dawn of the era of personal computing, and today every adult and most children use sophisticated electronic communications devices as a matter of course. the simplest cell phone nowadays is capable of text messaging, and can be used for banking and financial transactions. so we are now past the stage we were at when isb started, when the main concern was to introduce users to the potential of the latest it products and services. the new challenge is to make it work for us as a tool to increase the efficiency with which we work, and to increase our productivity and effectiveness. this is a major challenge, and in order to meet it we must have effective interaction between it professionals who provide services, and the rest of us who consume them. going forward, i want to urge us all, through active participation in the society ’ s activities, to contribute actively and fully to this dialogue. i can best illustrate the problem by telling you about my recent experience as executive director of the ccmf. soon after i joined the centre we made the decision to deliver all our data and information services online, and to publish all our books and economics papers electronically. the ccmf publishes an academic journal, the jbf3e. as some of you will know, the publication of any journal or magazine is an onerous process, involving the collection, review and editing of all the material, written by several contributors. a huge problem in meeting publications deadlines is that you have to get all the material together, cleaned up and checked, before you can send the completed issue to the printers. a single tardy contributor can wreck your entire schedule, and prevent you from bringing the publication out on time. i ’ ve been in this business for decades, and this was the reality i ’ d always faced. it was only when we went to electronic publishing that it suddenly dawned on me that we didn ’ t have to wait until the last paper was ready to put out the issue of the journal

elson gaskin : data protection in the financial sector and why it matters speech by mr elson gaskin, governor of the central bank of barbados, at the data protection conference " compliance beyond borders – insights from financial regulators ", bridgetown, 20 march 2024. * * * like our sister regulator the financial services commission, the central bank of barbados is proud to be associated with this data protection conference, under the theme " compliance beyond borders – insights from financial regulators. " in fact, had we not been legitimately invited we would have engaged in our own version of a data breach and crashed the party anyway. i am pleased however that proper etiquette and decorum prevailed, and it did not come to that. so, thanks very much warrick and alicia! one of the major objectives of the central bank of barbados is to promote financial stability that is conducive of the orderly and sustained economic development of barbados. we all know that financial stability is inextricably linked to the confidence which the users of a financial system have in its operational resilience. every day, banks, credit unions, insurance providers, and investment firms deal with vast amounts of personal data ; some of it being sensitive in nature. this data may consist of names, email and physical addresses, telephone numbers, and government - issued identification documents. categories of sensitive information include financial status, race, religion, sexual orientation, political opinions, religion, criminal records, and involvement in legal proceedings. there is also now in some jurisdictions the question of health data. due to the possible harm that will otherwise result to an individual, customers'financial and personal information needs to be protected from theft, unauthorised access, and misuse. if then financial consumers come to believe that our system is porous relative to the way that their data is stored and maintained, such a belief could affect financial stability, as in the event of a breach, persons could move their funds away from a particular institution or institutions. it is for this reason that the central bank has a vested interest in ensuring that all institutions under its remit, properly comply with the requirements of the data protection act 2019 - 29 of barbados and the data protection pillars that underpin it. these pillars indicate that personal data must be processed lawfully, fairly, and in a transparent manner ; is collected for specified, explicit, and legitimate purposes ; is adequate, relevant, and limited to what is necessary ; is accurate and kept up to