Conceptual Framework for Integrating ESG Principles and Risk Management: Enhancing Caribbean Resilience and Sustainability, Stefano Capodagli, Dindial Ramrattan, Ariel McCaskie
Stefano Capodagli
Chief Risk Officer, Office of Risk Management
Caribbean Development Bank, PO Box 408, Wildey, St Michael
Barbados
Dindial Ramrattan
Statistician, Department: Economics
Caribbean Development Bank, PO Box 408, Wildey, St Michael
Barbados
Ariel McCaskie
Participant, Young Professional Program (YPP), Department: Office of Risk Management
Caribbean Development Bank, PO Box 408, Wildey, St Michael
Barbados
Paper Type: Technical Paper
Received: 31 July 2024 / Revised: 18 December 2024 / Accepted: 25 December 2024 / Published: 4 February 2025
DOI: 10.47556/J.WJEMSD.21.1.2025.3
Purpose: This paper aims to highlight the significance of modern, iterative, and agile risk management in the Caribbean, emphasising the need for an holistic approach that integrates public and private sector efforts to address cybersecurity vulnerabilities and Environment, Social and Governance (ESG) principles.
Design/Methodology/Approach: The paper discusses the evolution of risk management practices in the Caribbean, using a combination of literature review, case studies, and analysis of regional initiatives such as the Bridgetown Initiative and the Caribbean Public Health Agency’s (CARPHA) response to COVID-19.
Findings: The study reveals that Caribbean countries are increasingly recognising the importance of integrating ESG considerations into risk management frameworks. However, challenges such as inadequate tools and resources and a lack of common language in ESG risk identification remain.
Originality/Value of the Paper: The paper underscores the value of incorporating ESG principles into risk management practices, offering actionable steps for organisations to enhance their resilience and sustainability. It provides insights for policy-makers, business leaders, and practitioners in the region.
Practical Implications: Recommendations include aligning risk management with strategic planning, establishing robust governance frameworks, and fostering a risk-aware culture through training and transparent communication. These steps are crucial for enhancing organisational resilience and achieving sustainable development in the Caribbean.
Keywords: ESG; Sustainability; Cyber Crime; Cyber Security; Caribbean; ERM; Caribbean Development Bank.
Citation: Capodagli, S., Ramrattan, D. and McCaskie, A. (2025): Conceptual Framework for Integrating ESG Principles and Risk Management: Enhancing Caribbean Resilience and Sustainability. World Journal of Entrepreneurship, Management and Sustainable Development, Vol. 21, No. 1, pp.47-61.
