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BOA engages KPMG on risk mgt framework

by Business News Report

The Bank of Agriculture (BOA) has engaged the services of KMPG Professional services, to design the Enterprise Risk Management (ERM) framework for the Bank. The ERM framework is being designed as part of the Bank’s efforts to develop appropriate governance structures for managing risks. The effort will also help determine the risk appetite and risk tolerance limits of the BOA.
Speaking on the choice of KPMG, the Managing Director/Chief Executive Officer of BOA, Dr. Mohammed K. Santuraki noted that the management’s commitment to operating in tune with the highest professional standards led to the choice of the internationally renowned firm for the exercise.
Dr. Santuraki noted that a development financial institution like the BOA, which focuses on a high risk sector such as agriculture, an appropriate risk management frame work is imperative.
The BOA Managing Director explained that the establishment of the ERM frame is part of the efforts of the Management to set the BOA on the path of sustainable service delivery, while re-affirming the commitment of his team to the transformation of the BOA to a viable institution that will meet the yearnings of all stakeholders in the nation’s agricultural sector.
According to sources within the Bank, by the end of KPMG’s assignment, BOA would have a defined risk culture and philosophy with clear risk management objectives and strategies. There will also be a process for risk identification and assessments, including its communication protocol and report templates. The initial phase of the exercise is expected to last eight weeks.

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