MUSCAT, 02 November 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, in partnership with the US-based Institute of International Finance (IIF), organised a customised programme on corporate governance and board risk oversight for the bank's board of directors.
The bespoke 2 day interactive programme provided the bank's directors with an overview of ongoing developments and best practices in the field of bank governance and board effectiveness. The programme introduced the bank's new board charter as the directors deliberated on the best practices on how board committees may adequately contribute to board decision-making. The programme also reviewed the board's role in setting strategy risk appetite and overseeing the management of risk.
Shaikh Khalid bin Mustahail Al Mashani, Chairman of Bank Muscat, said: “I was delighted to lead the board's participation in this cutting edge programme which provided the board with fresh insights on risk governance and equipped each member with new tools to enhance the board's ability to lead, challenge and guide Bank Muscat to a sustainable future"
IIF is a global association of financial institutions with membership of more than 430 banks across 70 countries. IIF provides development and training exclusively for boards of banks, in recognition of the specialised nature of banking and the important role banks have domestically and internationally. Bank Muscat is the first bank in Oman to participate in the prestigious IIF programme.
The curriculum was delivered by a 3-member team of experts from Nestor Advisors, a global leader in bank and risk governance services based in London who support IIF in this field.