CBBH has become a member of International Operational Risk Working Group 5/31/2022 Tweet The Central Bank of Bosnia and Herzegovina has become a member International Operational Risk Working Group (IORWG). International Operational Risk Working Group is devoted to improvements in managing operational risk in central banking industry. IORWG has been established in 2005, at the initial suggestion of the Bank of Spain, which was supported by seventeen central banks, while the Group today includes 108 institution members. IORWG represents the leading world association for operational risk for central banking industry and it is an important forum for innovations, research, collective learning and exchange of good practices. Membership in IORWG will contribute to improvement and strengthening of operational risk management capacities in the Central Bank of Bosnia and Herzegovina, mainly through exchange of experience with other central banks, and adjustment to the best practices in central banking industry. Besides, by the membership in IORWG, the Central Bank of Bosnia and Herzegovina is placed on the map of central banks which have recognised the importance and the need of improvement of the operational risk management, as one of key elements of corporate governance and strengthening of the institution's resilience.
