Regulatory Alerts2023-07-12
Added · Updated
Circular No. 8/2022 on Risk Management Standards for Banks
The Central Bank of Libya mandates that banks establish comprehensive risk management strategies, policies, and processes approved by their boards of directors to identify, measure, monitor, and mitigate significant risks. The circular requires banks to maintain adequate capital and liquidity buffers, implement stress testing programs, ensure independent risk management functions with direct reporting lines to senior management, and adopt specific controls for credit, market, liquidity, interest rate, and operational risks. Large and complex banks must appoint a dedicated Chief Risk Officer, while all banks are required to report any instability in their risk management operations within one month.
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