The Bank of Albania has adopted a new regulation for determining elements that threaten the banks' daily activities. The document "Policy for risk management at the Bank of Albania" aims to determine risk, and simultaneously implement several measures to prevent risks, local media said Wednesday.
The report determines losses occurring by human factor as the main risk, which is directly linked to the frequent robberies that have occurred recently in the country.
According to the Bank of Albania, breach of the internal regulatory framework by the Bank's employees is listed as the financial loss factor related to people.
According to the report, the losses are a result of insufficient staff, lack of required knowledge, inadequate supervision, the departure of key employees, and fraud or non-compliance with ethical standards and integrity in the workplace. The Bank of Albania's report notes that these losses are mainly deliberate.
Another sensitive risk for the banking system, according to the Bank of Albania's report, is related to deficiencies in the procedures regarding activities carried out by banks. The malfunctioning or the deliberate damage of electronic systems, are also determined to be a significant problem resulting in financial losses for Albania's banking system.
Natural risks are listed at the end of the report, and regard the threat of financial losses in the domestic banking system.
Setting the framework for operational risk management at the Bank of Albania aims to identify the problems, improve the system of internal control, minimize losses caused by human factor, and prevent operational risks that come from people. By increasing the efficiency of human resources, the policy aims to minimize losses and help divide tasks and responsibilities between units to fulfill the objectives.