MUSCAT, 21 February 2018
Bank Muscat, the flagship financial services provider in the Sultanate, in step with its commitment to promote best practices in service and business operations, extended support and participated in the first international risk management conference hosted by Sultan Qaboos University under the auspices of H.E Sheikh Dr. Al Khattab Bin Ghalib Al Hinai, Deputy Chairman of the State Council.
The conference addressed by experts highlighted risks faced by higher education institutions, public and private sector institutions. The conference addressed the challenges facing institutions in today's rapidly changing environment, covering a wide range of topics in risk management and health, safety and environment. Panel discussions focused on risks facing society such as risks of social networks, projects and investment.
Sakina Al Shahi, IT Internal Audit Manager – Bank Muscat, made a presentation highlighting risks in projects. The bank's risk management practices are benchmarked to industry best practices. An independent risk management function ensures that risk is managed through a well-designed architecture as well as through policies and processes approved by the Board of Directors, encompassing independent identification, measurement and management of risks across the various businesses of the bank. The bank reckons risk management as an area of core competence and focuses on refining and improving its risk management systems and strengthen its enterprise wide risk management framework.
The conference provided the participants with a broad overview of the best practices in diverse areas of risk management and the tools in use for measuring and reporting risk. The participants commented that the conference reflected a pro-active approach to risk management. Against the backdrop of the increasing complexities and challenges facing institutions in the current global operating environment, the conference helped to focus on issues aimed at ensuring business continuity under diverse risk environment as well as measures for an effective risk management framework.