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Governance hub for financial reform process

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1 Governance hub for financial reform process on Sun Jun 26, 2016 4:31 am

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Governance hub for financial reform process

26/6/2016 12:00 am
Baghdad – Hussein thghb


The financial expert said Muhammad Ali Jabir that the reform of the financial and banking system in Iraq requires meaningful participation by specialists in this area,

pointing to the need to coordinate efforts in this delicate phase for the purpose of building a solid banking sector has the capacity to meet the requirements of the construction phase and development needed by the national economy.

Added in the interview for «morning» Central Bank statement about getting some private banks led the departments to review their mechanisms of action adopted and their commitment to the principles of good governance and management that will be starting a new phase of the axis,

and reconstruction operations require sophisticated companies efforts which in turn looking for a banking sector offers services fit the large workload and capital that travels between the parties work very quickly to expedite implementation.

He said: to build a proper engine sector requires a series of actions that can be described as the foremost necessary activate and empower regulators operate independently away from influences,

pointing out that regulators concerned that the Central Bank, the Office of financial supervision and Audit Committee emanating from the Board of Directors and the external auditor and monitor compliance in each bank as well as the internal audit and oversight services of banks.

Jaber stressed the need for good governance governance rules apply for the purpose of monitoring the performance of the boards and executive departments, ensure compliance and aimed at separating the responsibilities of boards of Directors and Managing Director,

indicating the importance of organizational and administrative structures have remedies and responsibilities clearly with ensuring effective monitoring and control a full disclosure of their activities.

He need to be there alone in private banks on risk management, whose task is to conduct a periodic review of the policies and procedures and work to modify it commensurate with the Bank's activity and risks.

Jaber noted that the reform measures also require a activate the role of the compliance monitor private banks and be present in all events and meetings,

stressing the need to create a trained and sophisticated experience running this important function, which means the Bank's compliance with internal policies for all sound banking regulations and laws.

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