Specifically, he added that regulatory bodies should ensure that banks and other financial institutions adopt ERM framework and pursue strict adherence to proper implementation and exposure, followed by necessary monitoring and supervision. Banks, he further explained, “should engage and train all staff on the fundamentals of ERM and develop a team that encourages organizational units, management and employees to become highly involved in the implementation process of their ERM frameworks. “Management and staff of banks/financial institutions and other stakeholders are risk management ambassadors for the institutions and should see themselves in the light,” he said. He advised banks to continue to engage the services of experts in credit, risk management, treasury and foreign exchange management, audit and compliance, domestic and foreign operations, among others.

Source: The Guardian May 28, 2018 03:45 UTC