BAKU, Azerbaijan, October 30. The Central Banks
of Azerbaijan and Uzbekistan discussed risk management.


This was reported by the Central Bank of Azerbaijan (CBA)
following the meetings held as part of a working visit of the
delegation from the Central Bank of Uzbekistan to the CBA.


According to the report, during the meetings, the country’s
experience was presented regarding the identification and
assessment of strategic and operational risks, the application of
Key Risk Indicators (KRIs), Risk and Control Self-Assessment
(RCSA), and the integration of Governance, Risk, and Compliance
(GRC) processes.


Furthermore, discussions were held concerning risk management
related to the use of models, information technology and
cybersecurity risks, financial risk management, assessment
methodologies, and institutional approaches.


At a press conference held yesterday, the CBA Governor, Taleh
Kazimov, said that the institution is open to the expansion of
foreign financial institutions, including banks, as well as
entities operating in the capital market and insurance sectors,
within Azerbaijan.







According to him, the CBA participates in international events
to foster interest among foreign investors in Azerbaijan’s
financial sector and to showcase the country’s financial
opportunities.


"In addition to the foreign banking sector, we are also very
open to capital markets and the insurance sector. One of the
reasons I frequently travel abroad and speak at various conferences
is to promote Azerbaijan's financial sector. It’s essential to
showcase our country's financial sector so that interested parties
can ask questions and come to Azerbaijan," Kazimov said.


The CBA governor also touched upon the integration of payment
systems and the exchange of information between Azerbaijan and
other countries. He noted that there is currently no international
digital platform that connects the central banks of various
countries into a unified system.


According to Kazimov, the CBA is conducting bilateral
negotiations with the central banks of individual countries in this
regard and has already initiated more detailed discussions with one
or two of them.