Risk Management Directive Bank of Ghana
- 3 Sections
- 3 Lessons
- 3 Quizzes
Risk Management Directive BoG Preliminary, Objectives and Key Requirements
Risk Management Directive Board & Risk Management Framework
Risk Management Directive Risk Management Oversight Function
RISK MANAGEMENT DIRECTIVE
For Banks, Savings and Loans, Finance Houses and Financial Holding Companies, November 2021
- Purpose
- Why take this course?
- Who should take this course?
- Duration
- Certification
- Interactive Demo
- Course Content
- Aims of the Course
- Assessment
- Who Benefits
- Approval and Accreditation
- Useful Links
- Purpose
This Risk Management Directive applies to Banks, Savings and Loans Companies, Finance Houses and Financial Holding Companies (FHC) licensed or registered under Act 930. Where a Regulated Financial Institution (RFI) is the ‘Parent of a Group’, it shall comply with this Directive:
- in its capacity as an RFI;
- on a group basis by ensuring that the directive is applied to each entity in the group (including those entities within the group which are not regulated by the BOG).
The Bank of Ghana (BoG) Risk Management Directive 2021 was issued to compel Regulated Financial Institutions (RFIs) to establish robust, Board-approved frameworks for identifying, measuring, and mitigating material risks, ensuring safety, soundness, and stability in the banking sector. It requires RFIs focusing on enhancing resilience against financial threats, including new guidelines on money laundering and climate-related risks.
The directive, which revised earlier versions, aims to enhance risk management practices in line with international best practices and recommendations from technical assistance missions.
The BOBE product and value proposition makes it easy and convenient for all Banks, Savings and Loans, Finance Houses and Financial Holding companies to meet these regulatory requirements. BOBE provides benchmarked, approved, best practice training in a standardized training environment accessible on-line through an e-learning system. The BOBE online Risk Management Directive training course is designed to help management and staff in the regulated financial institutions put in place procedures and processes that promote a highly effective and efficient risk management framework in their institutions. The BOBE e-learning training is dynamic with the flexibility to evolve and adapt to changes regulators may impose.
2. Why take this course?
RFIs and other institutions seeking to strengthening governance, implement Comprehensive Risk Management,Expanding Risk Scope, ensure Board-Approved Strategy. The directive is issued pursuant to Section 92(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
3. Who should take this course?
In order to avoid sanctions, Management and staff of Regulated Financial Institutions should have a clear understanding of this Directive in order to be able to put in place procedures and processes to comply with the requirements of this Directive. This can only be achieved through training.
This Directive will be good for the Board of Directors, management and staff that are involved in the operations and management of regulated financial institutions. Auditors, Bank examiners, accountants, lawyers, management consultants should also be interested.
The following institutions and professionals should take this course:
- Banks (Board members, key management personnel, middle management personnel and staff)
- Savings and Loans Companies (Board members, key management personnel, middle management personnel and staff)
- Finance Houses (Board members, key management personnel, middle management personnel and staff)
- Rural and Community Banks (Board members, key management personnel, middle management personnel and staff)
- Microfinance Institutions(Board members, key management personnel, middle management personnel and staff)
- The Board of other financial and non-bank financial institutions
- Management consultants
- Lawyers
- Judges
- Bankers
- Accountants
- Partners
- Banking Consultants
- Stakeholders of Banks
4. Duration
There’s six (6) months access for individuals and one (1) year time limit for institutions, in which you must complete the course. The limit for completion depends on your subscription. Access period is negotiable.
5. Certification
Certification is instant & online. Learners can print off a high quality, personalized certificate as record of training on successful completion of the course. There is also the option of directing all of the certificates to a pre-determined individual e.g. the Compliance or Human Resource manager to be used to provide evidence of mastering the compliance of this Directive or for training and audit purposes.
6. Interactive Demo
If you wish to take this course then register for a demo by clicking the 'interactive demo' button. You will be given the option to purchase and continue with your course at the end of your demo!
7. Course Content
- Objectives and Key Requirements
- The Role of the Board
- The Risk ManagementFramework
- The Risk Management Strategy
- Risk Appetite
- Strategic Plan
- Policies and Procedures
- Risk Culture and Organizational Accountability for Risk
- Risk Management Oversight Function
- Review of the Risk Management Framework
- Risk Management Declaration
- Risk Management Declaration
- Exemptions
- Addictional Directives
8. Aims of the Course
By the end of the course you will be able to explain the process and procedures of implementing a risk management framework for your institution in compliance with provisions in the Directive. To provide a “Best in Class”, best practice approach which will ensure that Regulated Financial Institutions meet the regulatory requirement set out in this Directive, the BOBE online Risk Management Directive training course is designed to help management and staff in the regulated financial institutions put in place procedures and processes that promote a highly effective and efficient methods of implementing a sound risk management framework in their institutions.
9. Assessment
The online assessment is taken on completion of the training material. Learners will be asked 60 multiple choice questions with a pass mark of 80%. The answers are marked automatically so learners will instantly know whether they have passed. Learners can take the test two (2) times as they need to pass within the period of the purchased course at no extra charge.
10. Who benefits?
The advantages and benefits of this approach of delivery of the Risk Management Directive, 2021 over the current approach are significant for all stakeholders including the Supervisory authorities, Financial institutions, Board members, Key management, staff and learning public, etc
11. Approval and Accreditation
All of our courses are accredited by the CPD Certification Service as conforming to universally accepted Continuing Professional Development (CPD) guidelines.
12. Useful links
https://www.bog.gov.gh/wp-content/uploads/2022/05/BoG-Risk-Management-Directive-Final.pdf
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