Lesotho: Financial Institution Risk Management Department Takes Center Stage in Ensuring Bank’s Stability

The Department of Enterprise Risk Management has been established to facilitate efficient and effective management of risks and projects, ensuring the continuity of critical business processes at all times.

Objectives

• Create an enabling environment for the identification, assessment, and mitigation of bank risks
• Ensure that projects are efficiently managed and return value to the organization

The Department consists of three divisions:

Risk Management Division

• Develops and implements risk management tools
• Raises awareness on risk management concepts
• Guides departments on risk management
• Reports on risk-related issues

Business Continuity Management Division

• Develops and implements business continuity management tools
• Holds awareness campaigns
• Guides departments
• Tests and improves business continuity plans
• Provides advice to the Bank on BCM issues

Project Management Office

• Fosters project management excellence throughout the Bank
• Ensures that only projects aligned with strategy are performed, on time, within budget, and at acceptable quality levels
• Provides a range of services including:
  • Project support
  • Specialist consultancy
  • Advisory services
  • Strategic and governance services

The department’s efforts come at a crucial time for Lesotho’s financial sector, which has faced its fair share of challenges in recent years. By having a robust risk management framework in place, the Bank is better equipped to mitigate potential threats and ensure the continued stability of its operations.