A three-day training forum for Libyan banks on risks management started in Tunis yesterday (28 February to 2 March). The event is sponsored by the Rome-based Bank UBAE. The Libyan Foreign Bank (LFB) owns 80.15 percent of UBAE.
The forum aims to define risk management and its importance and to provide Libyan banks with more skills in credit, financing and compliance risks according to leading international models and mechanisms. The forum will also review risk and loss avoidance and how to deal with them.
Part of UBAE’s priorities and strategies
Speaking exclusively to Libya Herald, Essam Al-Rayes, Deputy General Manager of UBAE Bank Rome, said that this important training programme comes among the priorities and strategies of UBAE Bank, which aspires to further work with Libyan banks for mutual benefit and exchange of experiences and knowledge.
Added value training
In the same context, Tariq Al-Ajili, UBAE Bank Representative in Libya, told this publication that this forum was the result of several meetings with Libyan banks that are looking for such joint programmes and activities that achieve added value, reduce risks, and enhance the status and comparative competitive advantage of Libyan banks.
Banks making increased efforts to manage risks
He added that the increase in risks and their diversity in the banking sector and its resurgence makes bank workers make strenuous efforts in order to stand together against it in order to exchange knowledge and experiences between them. This with the aim of reducing risks and reducing their negative impact that impedes the movement of funds and causes losses to banks around the world.
Libya benefitting from owning international banks
For his part, Yassin Busriwail, General Manager of Outside Box, the event organiser, said that the organization of these forums came in order to coordinate efforts between risk management and compliance in Libyan banks. He said Libya’s (majority) ownership of international banks that have great experience and many years in discovering risks that surround banking help manage risks and prevent their occurrence and eliminate them in accordance with the laws and international treaties related to governance, transparency and good management.
Benefitting from the Tunisian experience
He stressed that choosing Tunisia for this forum came due to Tunisia’s expertise and human cadres who worked in well-established banking institutions inside and outside Tunisia. They have experienced dealing with banking risks and contributed to developing solutions to them and prevented their reoccurrence with decisive measures. This gave Tunisian bankers tremendous training capabilities that enabled them to give courses in this field, he concluded.
Libyan Banking Union holds forum on application of international standards in Istanbul (libyaherald.com)