Monday, 6 Feb 2023
Oman Arab Bank hosts IIF CRO Forum

Oman Arab Bank hosts IIF CRO Forum

The forum brought collectively threat officers from IIF member monetary institutions across the Middle East and Africa area to exchange tips and useful insights on crucial present subjects in threat and their implications for the area.

The closed-door occasion was hosted by OAB in partnership with the Institute of International Finance (IIF) at Grand Hyatt Muscat. AlSalt al Kharusi, head of Corporate and Institutional Banking of OAB, and Martin Boer, director of Regulatory Affairs at IIF, oversaw the occasion. Also in attendance was Lamees al Baharna, chief threat officer of OAB, collectively with other CROs from other major banks in the area.

Kharusi opened the meeting with a welcome speech, in which he touched upon OAB’s speedy development in current years and the purpose for hosting the occasion. Kharusi mentioned, “As technology has advanced, so has the risk landscape. As a result, building a solid risk management framework has been a core focus of our ongoing bank transformation strategy over the past four years. Events such as these help facilitate the sharing of knowledge while also providing an avenue through which we could explore common issues and challenges faced, as well as discuss effective solutions, thereby contributing to the development of the sector as a whole.”

Baharna mentioned, “The meeting focused primarily on current issues affecting the region, such as the benefits and risks associated with machine learning, the challenges involved in establishing a robust framework for IFRS 9 and the impact of digitisation on current risk management procedures. The event also allowed us to facilitate the sharing of ideas and best practices, whilst also enhancing the cooperation between various IIF members in the region.”

In addition, the occasion, which saw the participation of CROs from banks and monetary institutions from the MENA area, integrated a number of detailed panel discussions, an overview of worldwide regulatory reforms from IIF and a lot more.

“Events such as these vital to the overall development of the financial sector in the region and we are honoured to be partnered with IIF in the hosting one of such significance,” added Kharusi.

The Institute of International Finance is the worldwide association of the monetary business, with close to 450 members from 70 nations. Its mission is to assistance the monetary business in the prudent management of dangers, to create sound business practices and to advocate for regulatory, monetary and financial policies that are in the broad interests of its members and foster worldwide monetary stability and sustainable financial development. IIF members consist of industrial and investment banks, asset managers, insurance coverage businesses, sovereign wealth funds, hedge funds, central banks and improvement banks.

Oman Arab Bank is 1 of the initial banks to be established in Oman, with a wealthy and proud history. Today, the bank operates a nationwide network of 65 branches and representative offices and 148 ATMs spread across the sultanate.

Information Source: Muscat Daily

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