The Governor of the Eastern Caribbean Central Bank says it is of utmost importance is for those in the industry to raise their leadership capacity since in every sphere since “leadership matters – always has and always will.”

Governor Timothy Antoine, in addressing the Imperatives for Financial Sector Development in the Caribbean, says this is one of three imperatives that needs to be considered as the financial sector in the Caribbean continues to focus on development.

Delivering the keynote address at the Domestic Financial Institutions Conference, held at the Lloyd Erskine Sandiford Centre, he said:

“In this period of rapid global change and heightened uncertainty, we need to fully grasp the fundamental distinction between leadership and management.”

He says management is running a business while leadership is changing a business and at the core of leadership is dealing with change – something that the financial sector deals with every day.

“Our leadership in the financial sector assumes even greater significance in the world in which we now live, a world that is increasingly described as a post-truth world,” he stated.

He noted that in this “post-truth world”, fake news and alternative facts – properly described as untruths and lies – are gaining currency.

He says while he agrees with those who may argue that a post-truth world is not a new phenomenon, what is of concern to the financial sector is the pace, potency and pervasiveness of social media – “a phenomenon that is now game changer, which can be a blessing and a curse.”

“Somebody might be wondering, why I am going there. But, the reality is that all our plans and our hard work can be undermined in seconds by the phenomenon of fake news. So these are not things which we can ignore where we sit,” he said.

He said it is for this reason why risk management and business continuity function must be broadened and become more agile to anticipate and address the ever-growing volume of half-truths, post-truths, alternative facts and fake news.

“We ought to ensure that our decision-making is premised on facts rather than fake news. We have to get our facts straight given the far-reaching impact of our decisions in the financial sphere, and we have to be active rather than reactive operators in the sphere of public communication and information,” Governor Antoine cautioned.

The Conference, now in its eighth year, is an annual one-day conference that provides a forum for senior officials from the financial services sector to discuss domestic and international matters that have implications for the local landscape.

Article compliments LOOP News Barbados.