Compliance Training for NAMIBIA Banks: Strengthening Risk Management Practices

The Bank of Namibia’s Risk Management and Assurance Division has launched a comprehensive compliance training program aimed at strengthening risk management practices among financial institutions in the country.

Objectives

The primary objective of this initiative is to assist bank management and board members in executing their responsibilities effectively. According to Ms M Tjongarero, Head of Risk Management and Assurance Division at the Bank of Namibia:

“We believe that effective risk management is crucial for the stability and growth of the financial sector.”

Program Highlights

The training program focuses on ensuring that banks adhere to all relevant legislation, standards, internal policies and procedures, contractual obligations and rights, and agreements. The program will also cover:

• Business continuity planning: Ensuring that financial institutions can continue to provide services to customers even in the event of unforeseen operational disruptions.
• Independent review by the division’s internal audit function: Evaluating the effectiveness of risk management, control, and governance processes within participating banks.

Benefits

The compliance training program will enable banks to:

• Identify areas for improvement and implement corrective measures to mitigate potential risks.
• Strengthen their risk management practices, ensuring the stability and growth of the financial sector.
• Enhance public trust and confidence in the financial sector.

Expansion Plans

The division has already begun providing similar services to other regulatory bodies such as the Financial Intelligence Centre (FIC), Namibia Deposit Guarantee Authority (NDGA) and Sovereign Wealth Fund. This expansion will ensure a more comprehensive approach to risk management across the industry.

Compliance Management Process

Banks in Namibia are required to implement and maintain compliance management processes, which are managed by the Risk Management and Assurance Division. The division is responsible for managing training and reporting components of each department’s compliance management process.

Contact Information

For general enquiries about the compliance training program, contact Ms M Tjongarero, Head of Risk Management and Assurance Division at the Bank of Namibia.