Enterprise-wide risk assessment critical for business survival – Bank of Ghana    

Dr Joseph France

The Bank of Ghana (BoG) has encouraged both financial and non-financial enterprises to make Enterprise-Wide Risk Assessment (EWRS) a critical part of daily operations.     

This would enable prompt detection and implementation of controls to mitigate risks that often lead to the loss of substantial sums of money.    

Enterprise-Wide Risk Assessment is a comprehensive evaluation of dangers that affect the value chain of a business, including money laundering, fraud, bribery and corruption, and illicit financial flows.    

Speaking in an interview with the Ghana News Agency on the sidelines of a workshop for some banking sector players in Accra Dr Joseph France, Director, Financial Stability Department, BoG, urged all businesses to conduct vigorous periodic enterprise-wide risk assessment to help improve business resilience.   

He pointed out that the prompt address of feedback from such assessment would prevent businesses from falling prey to fraudsters and losing funds.   

“Risk is dynamic; we need to be innovative to tackle the basis head-on, but it’s good for us to advance as technology abounds to have the requisite technology and modules to deal with risks, especially in the financial sector,” he said.    

The BoG’s banking sector report for 2022 found that the number of attempted fraud cases increased to 2,998 from the 2,347 cases in 2021, leading to a loss of some GH¢56 million.    

The report also disclosed that GH¢27 million was lost through Mobile Money fraud compared to GH¢14.2m loss in 2021, representing a 47 per cent increase.    

Some recoveries were however made, reducing the actual loss to GH¢26m.    

To address the situation, the Central Bank, Dr France said, would intensify its education and sensitisation programmes, and “continually sanction banks for infractions of regulations, risks and directives.”    

He said Ghana remained committed to strengthening its anti-money laundering and terrorism financing regimes, to aid the global fight against cross-border financial crime.    

“Accordingly, relevant national authorities continue to create the requisite environment that reinforces sound management of financial crime risk by financial intermediaries,” he said.    

Madam Ophelia Attobrah, Chief Banking Officer, GHIB, said the three-day workshop was to enable participants to identify and address EWRA deficiencies. and upscale to.    

The workshop was organised by the Ghana International Bank (GHIB). Participants were drawn from Ghana, Liberia, and the Gambia.   

“This training is to give the participants the necessary skills to enable them to understand how best to assess their enterprises, including their products, customers, operational environment and meet global financial crime regulations,” she said.    

Madam Attobrah urged banks and other non-financial enterprises to build stronger systems to detect and control risks to protect their business resources.   

Source: GNA   

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