BAKU, Azerbaijan, October 30. The Central Banks of Azerbaijan and Uzbekistan discussed risk management.
This was reported by the Central Bank of Azerbaijan (CBA) following the meetings held as part of a working visit of the delegation from the Central Bank of Uzbekistan to the CBA.
According to the report, during the meetings, the country’s experience was presented regarding the identification and assessment of strategic and operational risks, the application of Key Risk Indicators (KRIs), Risk and Control Self-Assessment (RCSA), and the integration of Governance, Risk, and Compliance (GRC) processes.
Furthermore, discussions were held concerning risk management related to the use of models, information technology and cybersecurity risks, financial risk management, assessment methodologies, and institutional approaches.
At a press conference held yesterday, the CBA Governor, Taleh Kazimov, said that the institution is open to the expansion of foreign financial institutions, including banks, as well as entities operating in the capital market and insurance sectors, within Azerbaijan.
According to him, the CBA participates in international events to foster interest among foreign investors in Azerbaijan’s financial sector and to showcase the country’s financial opportunities.
"In addition to the foreign banking sector, we are also very open to capital markets and the insurance sector. One of the reasons I frequently travel abroad and speak at various conferences is to promote Azerbaijan's financial sector. It’s essential to showcase our country's financial sector so that interested parties can ask questions and come to Azerbaijan," Kazimov said.
The CBA governor also touched upon the integration of payment systems and the exchange of information between Azerbaijan and other countries. He noted that there is currently no international digital platform that connects the central banks of various countries into a unified system.
According to Kazimov, the CBA is conducting bilateral negotiations with the central banks of individual countries in this regard and has already initiated more detailed discussions with one or two of them.
