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Eritrea’s Finance Sector Faces Compliance and Regulatory Changes Amid Economic Uncertainty

As Eritrea’s economy continues to face fluctuations and political uncertainty, regulatory bodies are increasing their scrutiny of the financial sector, leading to a heightened sense of compliance intensity. Risk management, governance, financial risk, and data quality have become major areas of focus for regulators.

Risk Standards Take Center Stage

Supervisory bodies are intensifying their enforcement efforts, demanding greater agility in mitigating risks and demonstrating robust risk accountability and governance. This increased scrutiny has led to a heightened standard for risk management across the board.

Sustainability Takes Center Stage in Risk Management

Regulators are now focusing on ensuring that risk management practices demonstrate sustainability, requiring firms to embed these practices across all risk pillars and into financial analysis and business operations.

Growth and Resiliency Take a Backseat Amid Regulatory Scrutiny

The “too big to manage” (TBTM) phenomenon is under increased regulatory scrutiny, with firms’ ability to engage in mergers and acquisitions, portfolio growth, and sound liquidity management coming under greater examination.

Capital and Valuations Under Increased Regulatory Spotlight

Risk calculations, stress testing, capital planning, and broad risk management are all being closely scrutinized by regulators, who are demanding greater transparency and accountability across financial risks as well as operational risks.

Threat Actors Pose Growing Concern for Regulators

The detection, mitigation, tracking, and remediation of “threat actors” - perpetrators of financial crime, fraud, and misconduct - have become a major area of focus for regulators, who must balance these efforts with consumer protection concerns.

Fairness Principles Take Center Stage

Regulators are emphasizing fairness principles, including access, treatment, and product risks, as well as the importance of “say what you do, do what you say” in financial services.

Responsible Systems Under Regulatory Scrutiny

Existing rules are being applied to automated systems, predictive analytics, and other innovative technologies across a wide range of risks and firm operations. Risk management will play a critical role in innovating while maintaining trust.

Security and Privacy Concerns Mount

Regulators are expanding their focus on data security, management, and privacy beyond cybersecurity and IT risk to all facets of regulatory coverage, recognizing the potential for heightened risk and compliance standards around quality data governance, data risk and controls, and data lifecycle management.