Dr. Paul Quigley, the Chief Risk Officer at Kuwait Finance House “KFH” said that there is a great interest in the qualifying of the risk departments’ employees at the banks of KFH’s Group level. Such qualification is focusing on the methodologies and tools that have been developed and applied recently at the Group level. This aims to develop the abilities of the managers, and to upgrade their performance level to be consistent with the interest paid by KFH’s management for the activity of risk study and assessment being a key and pivotal aspect in all business and activities practiced at the level of the Group and its subsidiaries.
For his part, Gehad Al-Bendary, Deputy General Manager of the Enterprise Risk at KFH’s Group, said, at the kick-start of a training program specializing in this area, that the process of risk management is an essential component and an integral part of the Islamic banking business. Thus, the interest in the process of risk identifying, evaluating and managing, in consistent with the strategic goals, requires upgrading a permanent and sophisticated mechanism for the risk identification and assessment. Those are the main lines of the business strategy of the management at KFH’s Group that considers the study and evaluation of risk at any project, product or service as a basis for the decision-making and for achieving a sustained profitability. To balance between the risks and returns is what is called in the Islamic Sharia as profits and losses sharing, which requires a very accurate and balanced gauging between them. Based on that, the clear vision is to be achieved and the plans and strategies to be developed to attain the professional and integrated approach of business, which take all the dimensions of the subject and the smallest details into the consideration.
Al-Bendary added that in order to apply such new methodology, it was necessary to communicate with the risk managers at KFH’s Group through a two-week training program addressing the stress tests, capital adequacy assessment, risk appetite framework, mechanism of risk integration and risk exposures at the strategic planning process. The same was communicated in a way that keeps pace with the business plans and contributes in achieving the targeted goals successfully without impediment them, rather it is contributing in the development of business goals based on sound basis. Moreover, it provides a clear and accurate measurement for the risk on the level of KFH’s Group and its subsidiaries.
Tuesday, March 4- 2014 @ 12:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.