Membership will allow the Central Bank to establish cooperation with the leading foreign central banks on the exchange of best practices in operational risk management and improve the risk management system based on international standards.
For reference: The IORWG is an international organization aimed at improving the management of operational risks in the activities of central banks. The working group was established in 2005 and is coordinated by the Bank of Spain and the Federal Reserve Bank of Philadelphia. Currently, the working group includes 125 regulators, including financial regulators from Azerbaijan, Armenia, Kazakhstan, Kyrgyzstan, and Tajikistan.
The Central Bank of the Republic of Uzbekistan has become a member of the International Operational Risk Group (IORWG)
Update date: 25 Dec 2024, 16:55