KUWAIT: Gulf Bank recently concluded ‘Operational Risk Training’ sessions for senior management at the Jumeirah Messilah Beach Hotel. The training was conducted by Fitch Learning, part of Fitch Group, over two sessions for more than 40 employees from different departments within the Bank.
The two-day workshops built an understanding of the importance of operational risk management within the Banking industry. Gulf Bank staff were trained to identify the sources of operational risk, how they arise within the context of main business activities and how to reduce this risk. Gulf Bank believes that when key staff across departments understand risk governance structures, systems, and procedures, they will be better able to manage and minimize operational risks.
Highlighting the importance of risk management, Salma Al-Hajjaj, General Manger of Human Resources at Gulf Bank said: “Operational risk management has become crucial in the banking sector today, particularly in light of the new challenges of cyber and financial crimes. As such, Gulf Bank is working to increase awareness of operational risks and integrate controls by training ‘champions’ from various departments within the Bank.”
Hajjaj continued: “The objective of this training was to add maximum sustainable value to the Bank. By selecting and training ‘champions’ from each department, they were trained to manage operational risk and implement controls in their respective units and among their staff.”
Raghunandan Menon, Chief Risk Officer and General Manager of Risk Management at Gulf Bank added: “In today’s banking environment, better risk management provides a competitive edge as better controls translate into superior customer experience and enhances the bank’s reputation. This training has focused on improving the awareness of operational risk frameworks in all areas of the bank. It will facilitate the effective implementation of Gulf Bank’s operational risk management framework and strengthen the overall risk and control environment within the bank.”
During the course of the workshop, trainer Christopher Pennington, focused on management tools through which Gulf Bank champions will be able to control operational risk activities such as incident reporting, root cause analysis, action plans, and key risk indicators monitoring and reporting. He also gave insights into the risk control and self-assessment frameworks to be implemented in their units.
Fitch Learning is part of Fitch Group and is a platform that provides knowledge and skills and enhances conducts. Fitch Group is a global leader in financial information services with operations in more than 30 countries. For more details about Gulf Bank initiatives, please visit the bank’s website: www.e-gulfbank.com or its social media accounts.