Khaberni - The Jordan Kuwait Bank announced that it has obtained the Compliance Certificate with the International Standard (ISO 31000:2018) in Risk Management for the first time, in a step that reflects the bank’s commitment to implementing best global practices, enhancing institutional governance and risk management in various operations, and reinforcing the robustness of regulatory framework at the level of the Jordanian banking sector.
This achievement embodies the bank’s orientation towards incorporating risk management as a key element in its decision-making system, which contributes to strengthening the institutional framework and supporting the sustainability of performance amid the rapidly evolving changes in the banking sector.
The certificate was granted by (TÜV Austria) as an international accrediting body specialized in the evaluation of management systems, based on an independent and comprehensive evaluation and auditing process conducted by (Cyber Correlate), which included reviewing the bank's risk management framework, and related policies and procedures, as well as implementation and oversight mechanisms, to verify the alignment of the risk management system with the principles and requirements of the ISO 31000 standard.
The bank’s risk management framework covers various processes and activities, which includes credit, market, liquidity, operational, business, and reputation risks, in addition to cybersecurity risks, business continuity, and risks associated with Environmental, Social, and Governance (ESG), within an integrated methodology that ensures consistency and effectiveness in identifying, analyzing, evaluating, treating, and monitoring risks effectively.
On this occasion, Haitham Al-Batikhi, CEO of the Jordan Kuwait Bank Group, said: "The bank’s attainment of the Compliance Certificate with the standard (ISO 31000:2018) is in line with the strategic directions of the bank towards enhancing institutional governance and establishing risk management as a fundamental element in decision-making system. He added that the bank continues to develop its tools and methodologies continually, which enhances the robustness of its institutional framework and preserves the interests of shareholders and customers, and establishes confidence with regulatory authorities and stakeholders."
On his part, Said Al-Loubani, CEO of (Cyber Correlate), expressed his pride in partnering with the Jordan Kuwait Bank in this achievement, which enhances the leadership of the Jordan Kuwait Bank as a model to be followed in prudent governance and risk management in the banking sector.
In turn, Mahmoud Mustafa, General Manager of (TÜV Austria), stated that granting the Compliance Certificate with the ISO 31000:2018 standard to the Jordan Kuwait Bank reflects the bank’s commitment to applying international best practices in risk management, pointing out that the evaluation results showed an integrated and effective risk management framework that supports institutional governance and enhances the bank's ability to face challenges in the changing business environment.
The acquisition of this certificate is the result of a comprehensive institutional development program implemented by the bank, which included a comprehensive reassessment of the risk management framework and the updating of relevant methodologies and policies, in addition to enhancing the integration of risk management within the strategic planning system.
