Bank of Sierra Leone Excels

The Bank of Sierra Leone is reported to have established a Risk Management Unit to asses and manage risk across the Bank in line with global best practice.

This development is in full conformity with Section (41) of the Global Risk Management Standard (ISO31000) which the Bank is reported to have signed.

“As Regulators the standards we hold others to ought to mirror those we bring to bear upon our own operations. This Unit entrenches our commitment to that standard of accountability and enhances our authority as Regulators,” the Bank Governor Dr Kaifala Marah said while stating the importance of the new unit.

See Press release Below:

 

NEWS RELEASE

THE BANK OF SIERRA LEONE MEETS INTERNATIONAL BEST PRACTICE IN RISK MANAGEMENT

 

Acting in line with global best practice, the Bank of Sierra Leone has established a Risk Management Unit to asses and manage risk across the Bank. The adoption of the Unit brings the Bank into full conformity with Section (41) of the Global Risk Management Standard (ISO31000) which the Bank has signed up to.

Risk management is the assessment of the effects of uncertainty on the achievement of an organization’s objectives followed by the development of coordinated and economically applicable resources to minimize, monitor and control the probability and or impact of that uncertainty.

The new Risk Management Unit will prepare appropriate risk policies for the approval of the Board. It will also coordinate risk management and communicate the result to the relevant parties across the Bank. The Unit will also report directly to the Risk Management Committee comprising, among others, the Governor and Deputy Governor of the Bank.

The Governor of the Bank of Sierra Leone, Dr Kaifala Marah, in addressing the importance of the function noted:

“As Regulators the standards we hold others to ought to mirror those we bring to bear upon our own operations. This Unit entrenches our commitment to that standard of accountability and enhances our authority as Regulators”

The functions of the Unit include enterprise risk management, information security management systems, pre-vetting and verification,   business continuity plans, among others.