Financial Crime World

Here is the rewritten article in Markdown format:

Compliance Risks Loom Large for Banks in Jordan Amidst Economic Recovery

=====================================================

As the global economy recovers from the pandemic, banks in Jordan are facing a new set of challenges to recalibrate their operations and adapt to evolving regulatory policies. The country’s financial institutions played a critical role in implementing government-backed support measures, which are now coming to an end.

New Reality for Banks

With expectations running high for continued success and economic growth, banks must prioritize modernizing their operating strategies and investing in environment, social, and corporate governance (ESG) programs. Regulators in Jordan and globally are more critical than ever to economic success, but banks face compliance uncertainty amidst unprecedented accounting and governance, risk, and compliance (GRC) challenges.

Embracing Technology

Embracing technology is key for banks to navigate these complexities. They must incorporate lessons from the pandemic into their resilience strategies, including operational resilience and cybersecurity. Operational resilience was a key factor in adapting quickly to pandemic-related challenges, and incorporating these lessons will lead to positive changes within banks.

Fintech Competition

The fintech industry is increasingly chipping away at traditional banking’s market share, prompting banks to respond innovatively rather than defensively. Collaboration with nimble new competitors holds the key to success, as banks must learn from their agility and adaptability.

Key Takeaways

  • Banks in Jordan face compliance risks amidst economic recovery.
  • Modernizing operating strategies and prioritizing ESG programs is crucial for success.
  • Embracing technology is key for navigating GRC challenges.
  • Collaboration with fintech companies can drive innovation.

Conclusion

In this report, our financial services team explores the critical topics facing Jordanian banks in their quest for continued success in a rapidly changing landscape. We invite readers to engage with us on these views and explore how we can help your organization capitalize on potential opportunities.