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Albania Enacts New Rules for Financial Institution Risk Management

The Supervisory Council in Albania has approved new rules governing risk management practices among non-bank financial institutions, micro-credit financial institutions, and electronic money institutions operating within the country.

Purpose of the Regulations

The regulations aim to establish a framework for the effective management of risks associated with financial activities. The guidelines set out specific requirements for each type of institution to ensure the stability and security of their operations.

Requirements for Each Type of Institution

Each type of institution must develop and maintain a comprehensive risk management framework that takes into account various types of risks, including:

• Credit risks
• Market risks
• Liquidity risks
• Operational risks
• Reputational risks

Effective Date of the Regulations

The new regulations will come into effect on March 12, 2020.

Impact of the Regulations

The regulations aim to enhance the overall stability of Albania’s financial system by promoting good governance and prudential practices among non-bank financial institutions. This will help to ensure the stability and security of their operations, ultimately benefiting the country’s economy as a whole.