The Reserve Bank of Malawi (RBM) has challenged players in the financial services sector to strive towards mitigating possible risks facing the industry by complying with regulatory frameworks.
RBM Director of Supervision Chimwemwe Kachingwe made the call when she opened the 2022 annual compliance training for players in the sector last week.
She said resilience of the financial services sector entails stability in the economy, hence the need for a robust system and structures.
“These regulations are important to uphold the soundness and integrity of the financial system. The combination of the need for stability of the financial sector, as well as your important facilitating role in the economy, led to this sector being thoroughly regulated.
“While business operations and strategies may differ for every industry player, compliance remains common among all,” she said.
Kachingwe said compliance officers are expected to play a significant role in managing risks.
She said a well-resourced and knowledgeable compliance function reduces the likelihood of non-compliance in a financial institution.
The training was hosted by the Bankers Association of Malawi (BAM).
BAM Chief Executive Officer Lyness Nkungula called for enhanced collaboration among players in the financial services sector.
“The collaboration will give a level playing field to financial market players, in terms of compliance, as market players will be learning from each other through the sharing of information and experience,” Nkungula said.