Bank of Namibia Boosts Financial Institution Risk Management
The Bank of Namibia has taken a significant step to enhance its financial institution risk management capabilities by establishing an independent Risk Management and Assurance Division. This division is responsible for identifying, assessing, and mitigating risks that could impact the bank’s operations and reputation.
Effective Risk Management
According to sources within the bank, the internal audit function is designed to evaluate the effectiveness of risk management, control, and governance processes. The Chief Internal Auditor reports directly to the executive leadership and functionally to the Audit Committee, ensuring that recommendations are implemented effectively.
Identifying Key Risks
The Risk Management Division is responsible for identifying key risks to the bank and evaluating the adequacy of its risk management system. This includes examining internal controls aimed at protecting the institution from unforeseen disruptions.
Business Continuity Planning
Business continuity planning is another critical aspect of risk management, ensuring that customer services remain uninterrupted in the event of operational disruptions.
Compliance Management
Each department within the bank is responsible for implementing compliance management processes, which include training and reporting components. Compliance management also ensures that all relevant legislation, standards, policies, procedures, contractual obligations, rights, and agreements are adhered to.
Services Provided
The Risk Management and Assurance Division provides similar services to other financial institutions in Namibia, including:
- Financial Intelligence Centre (FIC)
- Namibia Deposit Guarantee Authority (NDGA)
- Sovereign Wealth Fund
Objectives
The primary objective of the division is to support the bank’s management and Board of Directors in executing their responsibilities effectively.
Contact Information
For general inquiries, please contact Ms. M. Tjongarero, Head of Risk Management and Assurance Division, at 0123456789.