BankMuscat, the leading financial services provider in the Sultanate, as part of its commitment to human resources development stemming from the directive of His Majesty Sultan Qaboos bin Said on empowerment of youth, facilitated the International Diploma in Compliance qualification for 15 staff members. The International Compliance Association (ICA) diploma, facilitated by the Manchester Business School, UK, provides professional qualifications in the areas of corporate governance, anti-money laundering and compliance.
AbdulRazak Ali Issa, Chief Executive, said: “BankMuscat remains committed to His Majesty’s constant care for the development of human resources as a priority in achieving prosperity. The Bank has adopted a series of measures in line with the Royal directive to initiate staff training programms that utilises the potential of youth in the growth march of the nation.”
AbdulRazak added: “The Bank pursues a human resources development policy in line with His Majesty’s aspirations for a qualitative shift in national workforce, thereby providing more career growth opportunities for youth by strengthening their talents and increasing their participation in the comprehensive development march.”
The skill enhancement training is further evidence of the Bank’s commitment to investing in staff training and enhancing corporate governance practices across the Bank. The Bank assists staff in the risk control and assurance functions to achieve professional qualifications in their areas. The Bank presently has 5 certified internal auditors, 30 certified fraud examiners, 5 financial risk managers, 15 holders of the International Diploma in Compliance and this year approximately 200 staff are going through the ICA certificate in anti-money laundering awareness programme.
The Bank remains committed to playing its national role and shouldering its developmental and social responsibilities within the framework of co-operation and co-ordination with all segments of society. The Bank will continue to focus on efforts to provide more career growth opportunities to Omani youth and invest in training these cadres. The Omanisation level at the Bank presently stands at 92 per cent.
The Bank has grown from strength to strength in the area of corporate governance. In 2010, Hawkamah through their corporate governance awards, recognised BankMuscat as the leading Bank in Oman and second in the MENA region in this area. The internal audit function, following an external review in 2010 was rated as an advanced internal audit function and is permitted to use the words “conducted in accordance with international standards” in its reports. This is a first. The Bank has also sought to enhance practices in the local banking community with the establishment of the Oman Banking Compliance Forum in 2010 and the Risk Management Forum in 2011. Both forums were set up with the support and encouragement of the Central Bank of Oman and allow officers from banks to share knowledge and best practice in these increasingly important areas.
The Oman Banking Risk Management Forum meets on a quarterly basis and has made significant progress in discussing and sharing approaches to Basel 2, in particular ICAAP and improving disclosures. The Forum will assist Banks going forward with future Basel 3 requirements.
BankMuscat believes investment in youth and best corporate governance practices will yield continued benefits to the financial sector in Oman.