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Put in place effective risk management policies
 
Posted on: 30-Oct-2013         Source: GNA
 
 
 
Rural and Community Banks (RCBs) have been urged to put in place effective risk management policies to appropriately respond to the current pace of development in Information, Communication Technology (ICT).

Mr. Kwadwo Aye Kusi, Managing Director of the ARB Apex Bank, said RCBs needed to evolve strategies to identify, assess, monitor and control operational and credit risks, to strengthen their internal control systems, add value to their operations, and enhance their overall performance.

He was addressing the 30th Annual General Meeting of shareholders of the Atwima Kwanwoma Rural Bank at Pakyi Number Two in the Amansie West District.

Mr. Kusi said there could be no doubt that “with right training in risk and liquidity management, rural banks would be able to control the use of funds and limit default risk.”

Mr Kusi announced the signing of an agreement between the Apex Bank with one of the telecommunication network providers for the deployment of the “Arch-mobile product,” a computerized platform, using mobile phones to transact banking business including payments, transfers, checking of balance and short messaging system (SMS) alert.

The goal, he said, was not only to diversify the income streams of the RCBs but to also increase their profits.