The Central Bank of Bahrain has implemented and continuously update a robust corporate governance regime, a senior official at the CBB said.
“Our key goals are ethics; transparency; and fairness for all those who operate in the financial world,” Khalid Hamad, Executive Director of Banking Supervision at CBB, said.
He was addressing during a workshop organised by the Bahrain Institute of Banking and Finance (BIBF) in cooperation with the World Bank titled ‘risk governance’ for board of directors and was held on 18–19 November at the Ritz Carlton Hotel and Spa.
“The workshop is part of the CBB’s continuous efforts to ensure the application of best practices in corporate governance focusing on board’s roles and responsibilities in the areas of risk governance and their role in developing a robust and comprehensive risk governance framework for their organisations.
Facilitated by Nicholas Krasno, a New York-based consultant with an international practice in corporate governance, risk management and strategic development; and Laura Ard, who leads the development of a corporate governance review process adapted to the banking sector, as part of the World Bank’s Corporate Governance Unit, issues relevant to the risk appetite of financial institutions including Risk Governance, Risk Appetite and interactive case studies on Risk Committee and Risk Appetite were discussed
“The BIBF has introduced a multi-level Risk Management Programme in conjunction with the CBB, and we have implemented mandatory standards developed by the BIBF for those who sell financial products to consumers,” Khalid Hamad, Executive Director of Banking Supervision at CBB in his opening remarks, said.
“Our key goals are ethics; transparency; and fairness for all those who operate in the financial world, and CBB continues to learn and innovate in conjunction with the evolution of the financial industry…. Effective risk governance requires foresight and decision makers to balance short-term needs against the long-term financial health of the company.”
“One of BIBF’s strategic objectives is to provide continuous executive education at the highest level. Partnering with the World Bank in the area of Risk governance will help the financial sector to set the right tone from the top. The seminar discussions will provide relevant insights into international practices followed around the world by other Boards of Directors,” Solveig Nicklos, Director BIBF said.