Regulatory Alerts2021-06-25
Added · Updated
Risk Management Directive (Exposure Draft)
The Bank of Ghana issued a Risk Management Directive requiring all licensed banks, savings and loans companies, finance houses, and financial holding companies to implement a comprehensive Risk Management Framework. The directive mandates active board oversight, a documented risk appetite statement, independent risk and compliance functions headed by a Chief Risk Officer, and robust management information systems for continuous monitoring. Regulated institutions must conduct forward-looking stress testing, allocate adequate resources, and submit annual risk management declarations to the regulator detailing framework effectiveness and material breaches.
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