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Compliance Procedures for Banks in Namibia: A Guide to Risk Management and Assurance
The Bank of Namibia’s Risk Management and Assurance Division plays a crucial role in ensuring that the institution complies with all relevant legislation, standards, internal policies, and procedures. The division is responsible for implementing and maintaining compliance management processes across various departments within the bank.
Leadership
The division is headed by Ms. M. Tjongarero, who serves as the Head of Risk Management and Assurance. Under her leadership, the division focuses on:
- Risk management
- Internal audit
- Business continuity
- Compliance management
Risk Management
Risk management is a key area of focus for the division, which involves identifying potential risks to the bank’s operations and implementing measures to mitigate them. The division also conducts internal audits to evaluate the effectiveness of risk management processes and identify areas for improvement.
Business Continuity Planning
In addition to risk management, the division is responsible for business continuity planning, which aims to ensure that the bank can continue to operate with minimal disruption in the event of unforeseen operational disruptions.
Compliance Management
Compliance management is another critical aspect of the division’s work. Each department within the bank is responsible for implementing and maintaining compliance management processes, with the division providing guidance and oversight. The division also manages training and reporting components of each department’s compliance management process.
Services to Other Financial Institutions
The Bank of Namibia’s Risk Management and Assurance Division provides similar services to other financial institutions in the country, including:
- Financial Intelligence Centre (FIC)
- Namibia Deposit Guarantee Authority (NDGA)
- Sovereign Wealth Fund
Primary Objective
The primary objective of the division is to assist the bank’s management and Board of Directors in the effective execution of their responsibilities. By doing so, the division plays a vital role in ensuring that the bank operates in compliance with all relevant regulations and standards, ultimately protecting its customers and stakeholders.
Contact Information
For general enquiries about the Risk Management and Assurance Division, contact Ms. M. Tjongarero at [insert contact details].