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Bank Muscat hosted an integrated risk management workshop as part of a Corporate Social Responsibility (CSR) initiative. The 4-day workshop held at the head office was attended by risk managers from local and overseas banks, finance companies and government entities.

Being a CSR initiative, the entire proceeds from the training workshop is earmarked for charity, specifically to benefit specially-abled children, through Bank Muscat Hearts, which is a voluntary initiative by the bank staff to undertake community activities.

The workshop provided the participants with a broad overview of the best practices in diverse areas of risk management and the tools in use for measuring and reporting risk. The workshop was well received by the participants, who said that the training provided an opportunity to network and share knowledge and that such programmes helped move the industry forward.

The workshop mainly covered credit, market and operations risk, Basel III, liquidity risk management, compliance & anti-money laundering (AML). It also focused on the global economy and the GCC economy and the impact of global developments on the Omani economy vis-à-vis the changing dynamic nature of risks.

The participants commented that the workshop reflected a pro-active approach to risk management. 

"Against the backdrop of the increasing complexities and challenges faced by banks and financial institutions in the current global operating environment, the workshop helped to focus on issues aimed at ensuring business continuity under diverse risk environment as well as measures for an effective risk management framework," they added.

Early this year, Bank Muscat, launched an innovative CSR initiative involving the 3000-plus employees. The initiative reflects the bank's commitment to set benchmark standards in social responsibility. Bank Muscat is the first Omani bank to establish a full-fledged CSR department. The bank is of the view that its social responsibility is not merely participation in charitable works and organisation of voluntary campaigns, but responsibility towards all-round development of society. 

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