Bank of Tanzania wins top risk compliance award

The Bank of Tanzania (BoT) has emerged the winner of the award titled; “Best Governance Risk and Compliance Project in Africa” for 2015.

The award was presented during the Asian Banker Technology Implementation Awards 2015 Ceremony organised by a journal ‘The Asian Banker’.

The award was presented to Dr Modestus Francis Kipilimba, BoT Director of Risk Management, in a prestigious gathering of Senior Bankers and executives from Asian Pacific,The Middle East and Africa in Dubai recently.

BoT won the award following successful implementation of Governance Risk Compliance (GRC) project which has tremendously reduced the number of days used to complete various processes from two weeks to one day.

The processes among others included conducting of audits, controls, assessment, mitigation and monitoring of risks, development and publishing of policies, contracts and other documents, monitoring and managing compliance activities and management of business continuity.

The Asian Banker Risk Management award is a program designed to identify emerging best practices and outstanding achievements of the best run risk management teams in the banking sector in Asia and Africa.

Risk management is at the heart of decision making at any financial institution and its importance has been underscored in the aftermath of multiple financial crises that happened around year 2008 and thereafter.

The achievement is a milestone in the Bank’s endeavour to become paperless, an undertaking spearheaded by BoT’s Governor Prof Benno Ndulu.
Source: Daily News, reported from Dar es Salaam, Tanzania
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