His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority announced thatPalestine Monetary Authority had been admitted as member in the International Operational Risks Working Group (IORWG) having, through the Risk Management Office, fulfilled the membership requirements and conditions of IORWG. Mr. Shawwa said the membership in IORWG would play significant role in enhancing operational risk management in Palestinian banking industry, which would have positive impact on the performance of Palestine Monetary Authority and the Palestinian banking system with respect to risk management and enhancing governance and compliance principles and prompting them to developed and effective levels.
IORWG aims to enhance communication between members and develop visions about operational risk issues and enhance members’ management practices through taking part in regular meetings and exchange of knowledge with experts and consultants in the banking and financial sector.
IORWG’s headquarters is in Madrid in Spain. It was established in 2005. It has 97 selected members of international central banks, including Arab and European Union’s central banks, financial institutions, and monetary authorities across the world including the International Monetary Fund, European Central Bank. And International Settlements Bank.