ADFIAP, through its service unit ADFIAP Consulting, successfully conducted a 4-day virtual training on the Fundamentals of Governance, Risk Management and Compliance (GRC) for participants from Federated States of Micronesia Development Bank (FSMDB), Development Bank of Samoa, and Esquire Financing Inc. The training was held from February 13-16, 2024.
The banking community has increasingly recognized the importance of good governance, risk management, and compliance (GRC), which are considered to be the key pillars or imperatives of effective financial management. The emerging perception of GRC is that it is an integrated set of concepts and when applied holistically within an organization, it can add significant value and provide competitive advantage. Further, the holistic approach would be more efficient, consistent, and legally sound when the Board of Directors, senior management, and staff at all levels would be involved in adopting these in the organization’s conduct of business.
The 4-day webinar aimed to enable the participants to recommend operational enhancements aligned with the good practices on GRC in their respective institutions. Towards this end, the following topics were discussed by governance, risk management, and compliance experts of ADFIAP Consulting: Corporate Governance Framework and Roadmap; Corporate Governance Requirements for Financial Institutions; Understanding Risk and Sources of Uncertainties; Credit Risk Management Strategy Towards Creating Deeper Risk Awareness; Sustainability Reporting and Stability Standard Indicators for Governance; Strengthening the Organization in the Face of Dynamic Business Environment; Thrust and Trends of Governance; Compliance as a Key Component of Governance and Managing in a Volatile, Uncertain, Complex and Ambiguous (VUCA) World.
The sharing of experiences and practices among the participants and case studies presented by the resource speakers further enhanced the learning experience of the group members who expressed their appreciation for the new knowledge gained in the course of the training.
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