Banks’ concurrent risks during the COVID-19 pandemic: A road map for risk officers and risk management
Abstract
In the banking literature, the global financial crisis of 2008/09 is cited as one of the key challenges that faced the modern risk management profession. When we look at the current situation of the COVID-19 pandemic, however, we realise that banks worldwide are facing more concurrent risks that need interventions. This paper analyses the impact of the COVID-19 pandemic on the banking sector worldwide, focusing on emerging markets such as Bahrain. In doing so, a road map for banks’ risk managers is proposed. In particular, we present specific recommendations for local and central banks to manage the emerging risks following the pandemic, including operational resilience and increased financial, market and credit risks. Further, we provide some insights and recommendations for the Bahraini banking sector, as an example of an emerging financial market.
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Author's Biography
Ahmed A. Diab is an assistant professor at Prince Sultan University Saudi Arabia and a lecturer at Beni-Suef University, Egypt. Ahmed holds a PhD in accountancy from the University of Aberdeen, United Kingdom.
Abdelmoneim Metwally is a risk-based control professional specialist in the Middle East and North African region. Abdelmoneim worked during his early career as an internal auditor. Currently, he is a lecturer in Accounting, Banking and Finance at Bangor University, BIBF Campus, Bahrain, and a lecturer in Accounting, Faculty of Commerce, Assiut University, Egypt. He holds a PhD in Accounting and Finance from the University of Glasgow and is a fellow in the Higher Education Academy, United Kingdom.
Abdulkarim M. Alzakari is Chief Risk Officer at Khaleeji Commercial Bank in Bahrain. He is a CFA charter holder, a professional risk manager (PRM) and holds the Certificate in Quantitative Finance (CQF). He holds a BSc in investment and financial risk management from City, University of London in the UK. Abdulkarim has over 14 years’ experience in various senior roles in the risk management domain including previously heading the credit review department in Kuwait Finance House Bahrain. He has also been a guest speaker at a public joint forum of the Islamic Financial Services Board (IFSB) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Aisha Fazal is a Fellow Chartered Accountant affiliated with the Institute of Chartered Accountants of Pakistan (ICAP). She has worked with PricewaterhouseCoopers and Ernst & Young prior to working at the Alfanar Group of Companies as Head of Internal Audit in Bahrain. From 2012 to July 2021, she was a senior faculty member in the Academics department at BIBF. Currently, she is Senior Lecturer for Accounting and Finance at the College of Business and Law at the British University of Bahrain. She holds a Masters in English from the University of Karachi and is currently pursuing an MBA from Strathclyde University.
Citation
Diab, Ahmed A., Metwally, Abdelmoneim, Alzakari, Abdulkarim M. and Fazal, Aisha (2022, March 1). Banks’ concurrent risks during the COVID-19 pandemic: A road map for risk officers and risk management. In the Journal of Risk Management in Financial Institutions, Volume 15, Issue 2. https://doi.org/10.69554/FRGS1639.
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