The Liberian Bankers Association (LBA) in collaboration with the Central Bank of Liberia (CBL) Wednesday, May 28, concluded a two-day seminar aimed at educating commercial bank directors on “corporate governance and risk management.”
Speaking at the close of the seminar, Liberian Bankers Association president John B. Davis said the event was organized to ensure that directors of banks are on the same pace in terms of Corporate Governance.
He described the event as a platform for directors to acquire fundamental understanding of the implications and responsibilities in relation to corporate governance in a standardized banking Sector.
“We want to improve the directors’ understanding of corporate governance especially as it relates to the CBL guidelines and best practices,” he said.
Davis: “The seminar will help improve the economy by preventing bank failures and ensuring that banks managements are more sensitive to actions that safeguard depositors’ funds.
However, the issue of risk management is a fairly new idea in Liberian banking system.”
Davis, who also serves as president for Liberia Bank for Development and Investment (LBDI) termed the risk management introduced as a “challenge” but stressed that it can be addressed.
“Bank Directors are gradually understanding and appreciating its demands and benefits and are working to institutionalize it in our business process and content structures,” Mr. Davis noted.
The forum, which was conducted on the 27 and 28 of May, involved all the nine commercial banks in Liberia.
The seminar was facilitated by the West African Institute for Financial and Economic Management (WAIFEM).
Some of the topics covered at the event were: Corporate Governance of Banks, Corporate Governance and Bank Performance, Corporate Governance and Global Financial, Enterprise Risk Management amongst others.