MONROVIA, March 2 (LINA) - The Central Bank of Liberia has restated calls for banks to comply with the Enterprise Risk Management (ERM) policy to prevent loss of resources and capital.
The ERM policy specifically addresses the structures, processes and standards implemented to manage risks on an enterprise-wide basis in a consistent manner.
As part of curtailing losses, the CBL wants institutions to set up enterprise risk registry and coordinators that will serve as the basis of the risk management activities of the bank, the CBL 2014 Annual Report released recently stated.
According to the report, ERM seeks to build a risk-smart work force and environment that allows for innovation and responsible risk taking while ensuring legitimate precautions are taken to protect the bank.
It also seeks to provide guidance to the development and implementation of modern management practices and to support innovation throughout banking institutions.
The report further indicates that the ERM will assist managements prioritize risks to ensure that resources and capitals are focused on high priority risks faced by their institutions.
LINA