Risk Management and Compliance Department
Acting Executive Manager: Mohammed Shinnar
Risk Management and Compliance Department establishes, implements, and reviews the comprehensive risk management framework that includes identifying, assessing, monitoring, managing, and controlling risks continuously to ensure the sustainable achievement of CBJ's objectives effectively and efficiently. The department performs the following tasks in particular:
- Drafting, developing, and reviewing CBJ's risk management strategy, methodology and policies to be endorsed by the relevant stakeholders at the bank.
- Drafting, developing, and reviewing the comprehensive risk management framework at both the Enterprise level (Enterprise Risk Management (ERM)) and Units level to aid the units and ensure they manage their risks consistently and harmoniously, thus optimally achieving CBJ's objectives.
- Developing the oversight system to include aiding the organizational units in reporting their risk monitoring reports periodically to the Governor.
- Contributing to studying and assessing the risks of developed operations or those that will be reorganized in CBJ. It also expresses its views regarding these operations in coordination with the concerned parties.
- Cooperating and coordinating with the relevant parties regarding training and awareness in order to build and develop the awareness level of risk management and compliance at CBJ.
- Cooperating and coordinating with external relevant parties in order to exchange experiences and knowledge in the area of risk management and compliance.
- Preparing the necessary studies and researches in risk management and compliance and providing the required recommendations relating thereto.
- Reporting periodically to the risk management committees to demonstrate the various risks facing the CBJ and their impact on the overall performance of the CBJ in achieving its objectives. It also makes the necessary recommendations regarding these risks.
- Monitoring the compliance of CBJ with all laws, regulations and instructions related to its business, rules of conduct, standards and sound banking practices, and monitoring the compliance of CBJ units with that.
- Developing a comprehensive framework for the acceptable level of risks (Risk appetite) to which the bank is facing and the permissible limits, all that in coordination with the relevant organizational units in CBJ, in addition to monitoring compliance of this framework implementation, and submitting reports to the relevant parties in this regard.
- Drafting the general framework of business continuity management and updating it periodically, and approve it from the authorized party accordingly.
- Drafting, reviewing and updating policies, frameworks, and methodologies of business and IT risk management and take the required measures for approval accordingly.
- Ensuring the compliance for information security and cybersecurity controls adopted in central bank of Jordan in coordination with related organizational units.
E-mail: RISKMGMT@cbj.gov.jo