Ammon News -

AMMAN - Ernst & Young announced that it conducted a workshop entitled ‘ICAAP and Basel III Strategic Considerations and Practical Implementation’ that was attended by the Central Bank of Jordan and Jordanian Banks.. The workshop took place on Thursday 4th of November at the Sheraton Amman Al Nabil Hotel and Towers and was presented by Mr. Asad Jafree, Ernst & Young’s Head of Financial Services Risk Management (FSRM) - MENA, and Mr. Salmaan Jaffery, Head of the MENA Retail Banking Sector.

The workshop was attended by a number of leading banks’ CEO’s, Deputy GMs, CFOs and CROs. Sessions revolved around strategy as a first step in risk and capital management, the strategic significance of ICAAP, challenges and issues related to ICAAP, the impact of Basel III updates, capital shortages and possible solutions, in addition to the implications of supervisory review on the banking sector.

Giving his views on the workshop, Mr. Bishr Baker, Managing Partner at Ernst & Young Jordan, said: “This workshop on ICAAP and the new Basel III updates has come at an opportune time when many financial institutions are striving to gain greater insight and trying to understand the implications that this may have on their business models, strategies and balance sheets. We included decision makers in our workshop so that they could discuss Jordanian financial and banking directions in this regard and so that they could study and implement international best practices related to ICAAP and Basel III strategic considerations and practical implications.”

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According to Ernst & Young Jordan, the importance of an institution’s ICAAP is to enhance the link between its risk profile, its risk management and risk mitigation systems, and its capital. This link is especially important in light of the increasing responsibility that falls of the bank’s senior management and Board of Directors to develop sound risk management processes that adequately identify, measure, aggregate and monitor their risk.

It is worth noting that Ernst & Young’s Financial Services Risk Management (FSRM) team in the MENA region has assisted several of the region’s leading banks and regulators by providing them with risk management services and enhancing their ability to implement Basel related initiatives. Mr. Jafree’s leadership of the team has contributed to providing the best services in risk management, capital management, cash flow projection and other specialized financial services. Mr. Jafree’s longstanding experience in the field of banking and consulting has supported the operations of a number of leading institutions recognized worldwide.