Governance axis starting the process of financial reform

6/26/2016 0:00

BAGHDAD - Hussein Tgb

said financial expert Mohammad Ali Jaber that the reform of the financial and banking system in Iraq requires serious engagement by specialists in this field, pointing to the need to come together in efforts at this sensitive stage for the purpose of building a strong banking sector that has the ability to cope with the requirements phase in the construction sectors and development needed by the national economy.

He added in an interview with «morning» that the central bank 's statement about the correct course of some private banks led departments to review the approved work mechanisms have and the extent of its commitment to the principles of good governance and administration , which will be the focus starting a new phase, and the construction and reconstruction operations require efforts sophisticated companies which in turn are looking for a banking sector that provides services fit the large size of its work and capital that moves between the parties to work quickly pinpoint to accelerate the implementation measures.

he said that the construction of a banking sector properly requires a range of measures that can be described Baldharorah in the forefront of regulatory frameworks and enable them to to operate with complete independence away from the influences, pointing out that the regulatory authorities involved in this matter the Iraqi Central Bank and the board of Supreme audit and the audit Committee of the Council of management of the bank as well as the external auditor and monitor compliance in each bank as well as control and internal audit departments in banks.

Jaber stressed the need to apply the rules of good governance , the administration for the purpose of monitoring the performance of boardrooms and executive departments and to ensure compliance , and designed to separate the responsibilities of boards of directors Commissioner and the Director, noting the importance of having and administrative organizational structures available for her treatments and responsibilities clearly with securing the existence of effective control of the follow - up full disclosure of their activities.

He pointed out that there should be unity in the private banks involved in the management of risk, the task of conducting patrol policies and procedures to review and work on the modifications in accordance with the Bank 's activities and risks.

Jaber pointed out that the reform measures also require activating the role of an observer compliance in private banks and be present in all events and meetings, stressing the need to create a trained and well - developed expertise occupy this important function , which means the Bank 's compliance and internal policies to all banking regulations and laws sound.