He explained that rapid technological development, the expansion of electronic banking services, the growing cyber and climate-related financial risks, alongside anti-money laundering and counter-terrorism financing requirements, call for formulating ambitious foresight visions for the future of banking in Jordan, moving beyond merely ensuring financial safety and soundness to building institutions capable of adapting to changes and anticipating challenges.
He stressed that achieving this vision is based on the integration of three main pillars: developing the legislative and regulatory framework in accordance with best international practices and standards, enhancing the strategic role of bank boards of directors in consolidating corporate governance, risk management culture, and integrity, in addition to activating risk-based internal auditing as a key tool for strengthening corporate oversight and improving performance efficiency.
Al-Weshah affirmed that the independence of internal auditing is a fundamental condition for its effectiveness and its ability to add real value to banking and financial institutions, noting that the Central Bank's instructions have given this aspect special importance by enhancing the independence of internal audit units, linking them directly to audit committees and boards of directors, and ensuring they are provided with the necessary resources and skills to perform their duties efficiently and in line with the latest international standards.
He pointed out that developing the internal audit system is not limited to enhancing traditional oversight tools but extends to establishing an institutional approach capable of identifying and assessing risks proactively, which supports the ability of financial institutions to face changing challenges and maintain the stability of their operations. He praised the efforts of the Institute as the official training and development arm of the banking and financial sector and its role in translating the Central Bank's initiatives into practical training programs that contribute to raising awareness and enhancing the professional competence of banking and financial institution staff.
He indicated that such workshops constitute an important platform for exchanging expertise and experiences, discussing future visions, and reviewing best practices that have proven effective in enhancing confidence in banking and financial institutions and developing institutional work tools in a way that raises their readiness to face future challenges with efficiency and confidence.
For his part, the Director of the Institute of Banking Studies, Dr. Riyad Al-Hindawi, confirmed that organizing the workshop comes within a series of specialized meetings that the Institute is keen to hold, with the aim of highlighting the requirements of regulatory bodies and enhancing the governance of the duties of boards of directors of banks and financial institutions.
He explained that the workshop focused on risk-based auditing as one of the fundamental pillars for developing the internal control system, enhancing the stability of banking and financial institutions, and ensuring the sustainability of their operations in light of a financial and banking environment witnessing rapid transformations and increasing challenges.
The workshop comes within the framework of efforts aimed at consolidating sound banking practices and enhancing integration between the regulatory and supervisory roles of boards of directors and internal audit units, which supports building financial institutions that are more capable of foreseeing and dealing with risks, and maintains the robustness of the Jordanian banking sector and the confidence of its customers.
