March 12, 2018
Dubai, UAE - Hawkamah -the Institute for Corporate Governance, and the International Monetary Fund (IMF) brought together over 100 central bank officials and their audit partners from 60 countries in the Middle East, Africa, Central Asia, South Pacific, Europe, and North America to share experiences and address pressing governance issues affecting central banks at the two and a half day Central Bank Governance Forum held in Dubai.
The fourth Central Bank Governance Forum, jointly organised by Hawkamah and the IMF, focused on board management and oversight, enterprise-wide risk management, and the changing role of the legal departments and internal auditing. Speakers and panelists highlighted the differences in approaches of central banks all over the world, and shared their insights on fintech, the expanding risk landscape, and the International Financial Reporting Standards requirements (IFRS 9).
Previous forums have covered a wide range of timely issues and topics impacting central bank officials such as risk management, external audit oversight, assurance mechanisms, and checks and balances.
Simon Bradbury, Chief Accountant of the IMF said: The Forum provided an excellent opportunity for the participants to exchange knowledge and experiences on governance arrangements, and the increasing expectations on risk management and internal audit practices. The active engagement and enthusiasm of the group highlighted how these are really pressing issues for central bank leadership in today’s evolving environment.
H.E. Hamad Buamim, Chairman of the Board at Hawkamah and board member of Dubai International Financial Centre Authority said: “The financial sector continues to evolve rapidly, and central banks have realised that they need to adapt quickly, rethink their approach to governance and form new strategies that ensure financial stability and effectively manage new risks. Organisations need to remain vigilant in light of technological transformation and business model disruptions that characterise today’s competitive and fast-changing business environment.”
H.E. Buamim stressed the importance of organising events like the Central Bank Governance Forum, as they provide a powerful platform for central bank officials and key decision makers to collaborate and develop effective solutions to new challenges. He added that Dubai was an ideal place to host the forum, adding that the event strengthened Dubai’s profile as a leading financial hub for the Middle East and North Africa region.