4: (ORAF) Central America and Caribbean: (P149670) . Risks . Project Stakeholder Risks Stakeholder Risk Rating Substantial Risk Description: Risk Management: Delayed decisions on the part of Central The WBG, UST and CCRIF itself are sustaining a close, high-level dialogue with Central American American countries and the Dominican countries and the Dominican Republic to continue building their understanding of the vital role of Republic to join CCRIF. Fiscal constraints insurance as part of a broader disaster risk management strategy. The MOU establishing the parameters could result in reduced political and / or of the partnership between COSEFIN and CCRIF has been signed, and Nicaragua has signed its financial support among Central American Participation Agreement to join CCRIF. In addition, the Bank team is in advanced discussions with El countries and the Dominican Republic to Salvador to join CCRIF for the upcoming policy year 2015-2016. join CCRIF. Resp: Both Status: In Stage: Both Recurrent: Due Frequency: Progress Date: Implementing Agency (IA) Risks (including Fiduciary Risks) Capacity Rating Low Risk Description: Risk Management: Limited capacity to include additional CCRIF’s capacity to meet its clients’ needs has proven excellent and it has reviewed its procedures and members within CCRIF’s current Operations Manual to ensure readiness for Project implementation given its restructuring as a SPC. In technical and fiduciary capacity may be addition, the signing of the MOU between COSEFIN and CCRIF led to the creation of the CA Trust overwhelmed by the new memberships as and CA SP, which were necessary steps to enable the participation of individual COSEFIN countries well as additional products offered. within CCRIF. Operations could consequently become Resp: Both Status: In Stage: Both Recurrent: Due Frequency: more complex. Progress Date: Governance Rating Moderate
4: (ORAF) Central America and Caribbean: (P149670) . Risks . Project Stakeholder Risks Stakeholder Risk Rating Substantial Risk Description: Risk Management: Delayed decisions on the part of Central American countries and the Dominican Republic to join CCRIF. Fiscal constraints could result in reduced political and / or financial support among Central American countries and the Dominican Republic to join CCRIF. The WBG, UST and CCRIF itself are sustaining a close, high-level dialogue with Central American countries and the Dominican Republic to continue building their understanding of the vital role of insurance as part of a broader disaster risk management strategy. The MOU establishing the parameters of the partnership between COSEFIN and CCRIF has been signed, and Nicaragua has signed its Participation Agreement to join CCRIF. In addition, the Bank team is in advanced discussions with El Salvador to join CCRIF for the upcoming policy year 2015-2016. Resp: Both Status: In Progress Stage: Both Recurrent: Due Date: Frequency: Implementing Agency (IA) Risks (including Fiduciary Risks) Capacity Rating Low Risk Description: Risk Management: Limited capacity to include additional members within CCRIF’s current technical and fiduciary capacity may be overwhelmed by the new memberships as well as additional products offered. Operations could consequently become more complex. CCRIF’s capacity to meet its clients’ needs has proven excellent and it has reviewed its procedures and Operations Manual to ensure readiness for Project implementation given its restructuring as a SPC. In addition, the signing of the MOU between COSEFIN and CCRIF led to the creation of the CA Trust and CA SP, which were necessary steps to enable the participation of individual COSEFIN countries within CCRIF. Resp: Both Status: In Progress Stage: Both Recurrent: Due Date: Frequency: Governance Rating Moderate
PAD976-PAD-P149670-Box393177B-PUBLIC-2015-06-30-final-to-be-uploaded-to-Imagebank.docx