3 Days (2nd – 4th August 2021) familiarization WORKSHOP ON RISK MANAGEMENT FOR THE FINANCIAL INSTITUTIONS concludes today.
Risk Management has become the most important area for financial institutions in recent years. Specifically, after the Global Financial Crisis (GFC) regulators, investors and boards of directors have become more determined to avoid a repetition of such events and have increased demand for more effective risk management practices.
In the Bhutanese financial sector, the practice of Risk Management is newer but due to the growing competition and increased volatility of markets, the risk management model is gaining importance. However, addressing various issues in risk management in the current uncertainty and complex environment and following the international best practices is a challenging task. Effective risk management requires understanding more about what we don’t know than what we do know. In particular, it must recognize when new risks are emerging. The practise of risk management is expected to result in the increased efficiency in governing financial institutions and enhance the practice of corporate governance.
Therefore, the Workshop was designed to look into the requirement of financial institutions to train officials in the field of Risk Management. Sessions on Corporate Governance and NPL was also delivered.
Considering the importance of the workshop, the Honorable Finance Minister accompanied by Dasho Governor, Deputy Governor and the CEOs of the FI’s graced the opening ceremony.
The program was conducted by the Royal Monetary Authority of Bhutan (RMA) in collaboration with FITI and it concluded today with the closing remarks by Dasho Penjore.