After the negative repercussions of the covid-19 pandemic, which affected various jurisdictions of the world, the Russian-Ukrainian war, which entered its second year, added to those repercussions geopolitical, security, economic, financial and banking aspects.
These negative developments left extremely dangerous effects on the Worldwide economics, especially the financial and banking sectors as a result of the cut in supply chains which resulted in rise. financial and banking sectors rise of energy and commodities prices, and the resulting inflationary pressures, in addition to the depletion of liquidity in banks and the rise in interest rates This war also caused the destruction of large parts of the public and private economic sectors in the countries that have become the scene of this war, which led to a shrinking of the economies of the countries affected by this war., which exacerbated the risks to the safety of the banking sector and led to high levels of uncertainty. Its effects began to appear clearly in the financial markets, which prompted many countries to introduce fundamental amendments to their financial and monetary policies and to take measures to limit the expected repercussions at all levels.
There is no doubt that our Arab banks are not immune from those repercussions and the risks they cause. But, it differs from a country to another, and from a bank to another. It’s very important to deal with these developments with great caution, and to introduce solutions that help to remedy these risks, which may lead to expose banks to unbearable losses.
On the other hand, the worsening global climate change and the recent trends in banking business models such as digital transformation and the accompanying risks weighed heavily on risk management and necessitate taking more precautionary measures to mitigate them.
Hence the importance of holding this forum, the first of its kind in the Arab Gulf region and in the Sultanate of Oman, which is organized by the Union of Arab Banks in cooperation with the Central Bank of Oman, as it will highlight the importance of immerging risks and vulnerabilities and it will enhance sharing expertise among participants and outstanding speakers.
It will represent a platform for discussion about the latest issues and development in risk management among Arab banks and risk practitioners in the region.