Innovare holds 1st ever risk management summit; built capacity of over 20 financial Institutions
As part of efforts to instill the culture of best risk management practices in financial Institutions in the country, Innovare, a Ghanaian management consulting company has organized a 4-day capacity building workshop to sensitize over 20 senior executive managers from the country’s financial sector.
The 4-day workshop dubbed: “Risk Summit Africa” is the first ever in the history of Ghana which is on the theme: “Strengthening financial services operations with Risk Management”.
Under the workshop, participants were taken through various topics including pre-summit workshop on Basel 2 compliance, risk summit Africa, post-summit workshop on Enterprise Management.
Addressing participants at the opening, Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah charged all financial Institutions in the country to adopt the best practices of risk management which is the requirement of the global financial system to keep their business growing soundly at all times.
He explained the Bank of Ghana recognizes the country’s financial system as part of the global financial system therefore would not be separated from developments that evolve in relation to banking supervision. This, according to him falls directly in line with the bank of Ghana’s philosophy which sought to ensure that financial institutions within its purview are regulated and supervised in a manner that is comparable to international practices, aimed at strengthening the banking system.
Under the issue of revised legislation and new law which the Bank of Ghana is working with towards the realization of proper regulation of the industry, Dr. Johnson Asiamah hinted plans are underway as part of its ongoing-supervisory oversight to witness the rolling out of various guidelines and regulations all geared towards helping banks and specialised deposit taking institutions, shore up the risk management practices in line with each institution’s risks appetite and tolerant levels.
For his part, The Chief Executive Officer of Innovare (CEO), Mr C K Bruce underscored the need for all organizations in the country to be risk oriented ‘so that whatever they do should be from a risk management perspective”. “When you adopt that perspective, it is very difficult to make mistakes, very difficult to take wrong steps, very difficult for you to fall in a pit”.
He bemoaned the rate at which most banks in the country today are living in a total mess with bad portfolios at hand which compelled them to give out loans indiscriminately due to lack of proper risk management practices whiles calling on financial Institutions to adopt the culture of risk management practices to stay out of danger.
The Risk Summit Africa was initiated by Innovare with sponsorship from Clements Worldwide, Deloitte, Surya Interpay, Decision-i Business Ghana. In attendance were banking and insurance professionals, risk experts, audit managers, operational risk managers among others.
By Joseph Kobla Wemakor/Ghananewsone.com