Introduction

Introduction to the risk management department

In the light of global developments and international requirements, the Central Bank of Iraq (CBI) is keen to cope with these developments to enhance practices of institutional risk management to secure CBI`s interests and enhance its capacity to achieve its goals.  

Accordingly, a specialized risk management function was established in 2017, with the aim of alleviating any obstacles to achieve CBI's goals and upgrade risk management practices to global central banks.

In general, risk management is a comprehensive process aimed at identifying, analyzing, and evaluating risks, and developing strategies for managing and dealing with them to ensure that these risks are avoided, or mitigate their likelihood or effects, or both, or transferred to another, or accepted in accordance with the risk policy approved by CBI's Board of Directors.

CBI`s management gives highest priority to improve the Bank's ability to identify, control, and maintain its risks within acceptable boundary levels by paying attention to risk management function as one of the central banks' core tasks.