Banking Industry Standards for Compliance in Namibia: A Look into Risk Management and Assurance
The Bank of Namibia’s Risk Management and Assurance Division has implemented robust standards to ensure compliance with industry regulations, thereby safeguarding the institution and its customers. At the heart of this effort lies a commitment to risk management, internal audit, business continuity, and compliance management.
Internal Audit: An Independent and Objective Function
The Bank’s internal audit function is an independent and objective assurance and consulting service that evaluates the effectiveness of risk management, control, and governance processes. Led by the Chief Internal Auditor, this function reports administratively to the executive leadership and functionally to the Chairperson of the Audit Committee.
Key Responsibilities
- Evaluates the effectiveness of risk management, control, and governance processes
- Reports administratively to the executive leadership and functionally to the Chairperson of the Audit Committee
Risk Management: Identifying Key Risks
The Bank’s Risk Management Division is responsible for identifying key risks that could impact the institution’s operations. This includes examining and evaluating the adequacy and effectiveness of internal controls designed to mitigate these risks.
Key Responsibilities
- Identifies key risks that could impact the institution’s operations
- Examines and evaluates the adequacy and effectiveness of internal controls designed to mitigate these risks
Business Continuity: Ensuring Seamless Service Delivery
In the event of unforeseen operational disruptions, Business Continuity ensures the continuance of service delivery with minimal inconvenience to customers.
Key Responsibilities
- Ensures the continuance of service delivery in the event of unforeseen operational disruptions
- Minimizes inconvenience to customers
Compliance Management: Implementing Industry Standards
Each department within the Bank is responsible for implementing and maintaining compliance management processes to ensure adherence to relevant legislation, standards, internal policies, contractual obligations, and agreements. The Compliance Management team provides training and reporting support to departments to ensure effective compliance management.
Key Responsibilities
- Implements and maintains compliance management processes
- Ensures adherence to relevant legislation, standards, internal policies, contractual obligations, and agreements
- Provides training and reporting support to departments
Services Extended to Regulatory Bodies
The Risk Management and Assurance Division also provides similar services to the Financial Intelligence Centre (FIC), Namibia Deposit Guarantee Authority (NDGA), and Sovereign Wealth Fund.
Key Responsibilities
- Provides risk management and assurance services to regulatory bodies
- Supports the effective execution of responsibilities by regulatory bodies
Objective: Assisting in Effective Execution of Responsibilities
The primary objective of the Division is to support the Bank’s management and Board of Directors in their effective execution of responsibilities.
Key Responsibilities
- Supports the Bank’s management and Board of Directors in their effective execution of responsibilities
- Ensures compliance with industry regulations and standards
Contact Information
For general inquiries, please contact:
Ms. M. Tjongarero, Head of Risk Management and Assurance Division.