Regulatory Alerts2020-06-28
Added · Updated
Central Bank of Jordan Risk Mitigations and Risk Management Framework
The Central Bank of Jordan mandates that financial institutions implement robust risk mitigation strategies to address inherent risks. Institutions must systematically identify inherent risks, conduct thorough assessments of their likelihood and impact, and develop effective mitigation strategies to reduce risks to an acceptable level. Additionally, continuous monitoring of risk levels and regular reporting to the Central Bank of Jordan are mandatory requirements.
Central Bank of Jordan Risk Mitigations Risk Management Framework
Inherent Risks and Mitigations
The Central Bank of Jordan requires financial institutions to implement robust risk mitigation strategies to address inherent risks. This framework ensures that all potential risks are identified, assessed, and managed effectively.
Key Requirements:
- Identification of Inherent Risks: Institutions must systematically identify all inherent risks associated with their operations.
- Risk Assessment: A thorough assessment of the likelihood and impact of identified risks must be conducted.
- Mitigation Strategies: Effective mitigation strategies must be developed and implemented to reduce risks to an acceptable level.
- Monitoring and Reporting: Continuous monitoring of risk levels and regular reporting to the Central Bank of Jordan are mandatory.
Contact Information: Email: info@cbj.gov.jo Website: www.cbj.gov.jo
Date: 14/05/2024 Reference Number: 51d9eae5-5996-4315-ab32-cbb989af308e