Central Bank Credit Bureau Examination Assignment 2022
Table of Contents for the Central Bank Credit Bureau Examination Department
30 Pages7597 Words19 Views
Added on 2022-08-12
Central Bank Credit Bureau Examination Assignment 2022
Table of Contents for the Central Bank Credit Bureau Examination Department
Added on 2022-08-12
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Running Header: CENTRAL BANK CREDIT BUREAU EXAMINATION
1
1 | P a g e
Central
Bank
Credit
Bureau
Examina
tion
Departm
ent
1
1 | P a g e
Central
Bank
Credit
Bureau
Examina
tion
Departm
ent
Running Header: CENTRAL BANK CREDIT BUREAU EXAMINATION
2
Table of Contents
1 General............................................................................................................... 4
1.01 Purpose.......................................................................................................... 4
1.02 List of Abbreviations...................................................................................... 4
1.03 Responsibility for Implementation.................................................................4
1.04 Custody and Access....................................................................................... 5
1.05 Maintenance and Updating............................................................................5
1.06 Mission Statement......................................................................................... 5
1.07 Introduction of Credit Bureau Examination Department..............................11
1.08 Organization structure.................................................................................12
1.09 Terms of references..................................................................................... 12
1.10 Job Description............................................................................................. 13
1.11 Retention Period of Files and Records..........................................................13
1.12 Acting Responsibility.................................................................................... 13
1.13 Code of Ethics and Professional Standard....................................................13
1.14 Maintenance of CBED Corresponding..........................................................15
2 Planning and Monitoring Domain................................................................15
2.01 Preparation of Annual Examination Plan......................................................15
2.02 Risk Profiling and Examination Strategy......................................................15
2.03 Monitoring of other Regulatory Data/ Information.......................................16
2.04 Monitoring of Compliance Status of Examination Report.............................16
2.05 Finalizing TORs of Limited Scope Examinations...........................................16
2.06 Acting as Nodal Point for Incoming/ Outgoing Mail........................................17
2.07 Other Policy Related Matters.......................................................................17
2.08 Strategic Planning and Budgeting................................................................17
2.09 Submission of Quarterly Activity Reports to the Board of Governors...........18
2.10 Training and Development...........................................................................18
2.11 Serve as Secretariat of DMC........................................................................19
3 On-site Examination Domain........................................................................19
3.01 Pre-Examination Activities...........................................................................19
3.02 Fieldwork Related Activities.........................................................................20
3.03 Drafting and Finalization of Report..............................................................20
4 Quality Assurance Domain............................................................................ 20
2 | P a g e
2
Table of Contents
1 General............................................................................................................... 4
1.01 Purpose.......................................................................................................... 4
1.02 List of Abbreviations...................................................................................... 4
1.03 Responsibility for Implementation.................................................................4
1.04 Custody and Access....................................................................................... 5
1.05 Maintenance and Updating............................................................................5
1.06 Mission Statement......................................................................................... 5
1.07 Introduction of Credit Bureau Examination Department..............................11
1.08 Organization structure.................................................................................12
1.09 Terms of references..................................................................................... 12
1.10 Job Description............................................................................................. 13
1.11 Retention Period of Files and Records..........................................................13
1.12 Acting Responsibility.................................................................................... 13
1.13 Code of Ethics and Professional Standard....................................................13
1.14 Maintenance of CBED Corresponding..........................................................15
2 Planning and Monitoring Domain................................................................15
2.01 Preparation of Annual Examination Plan......................................................15
2.02 Risk Profiling and Examination Strategy......................................................15
2.03 Monitoring of other Regulatory Data/ Information.......................................16
2.04 Monitoring of Compliance Status of Examination Report.............................16
2.05 Finalizing TORs of Limited Scope Examinations...........................................16
2.06 Acting as Nodal Point for Incoming/ Outgoing Mail........................................17
2.07 Other Policy Related Matters.......................................................................17
2.08 Strategic Planning and Budgeting................................................................17
2.09 Submission of Quarterly Activity Reports to the Board of Governors...........18
2.10 Training and Development...........................................................................18
2.11 Serve as Secretariat of DMC........................................................................19
3 On-site Examination Domain........................................................................19
3.01 Pre-Examination Activities...........................................................................19
3.02 Fieldwork Related Activities.........................................................................20
3.03 Drafting and Finalization of Report..............................................................20
4 Quality Assurance Domain............................................................................ 20
2 | P a g e
Running Header: CENTRAL BANK CREDIT BUREAU EXAMINATION
3
4.01 Review of Draft Violations & Exceptions and Schedule of Criticized Advances
20
4.02 Exit Meeting................................................................................................. 21
4.03 Review of Exit Meeting Chart.......................................................................21
4.04 Review of Examination Report.....................................................................22
4.05 Review of Other Related Documents...........................................................22
4.06 Secretarial Support to the Rating Panel.......................................................23
4.07 Maintenance of Risk Register.......................................................................23
4.08 Secretarial Support to MPBDC......................................................................23
5 Risk Management, Fraud Detection and Business Continuity Plan.......24
5.01 Risk Management........................................................................................ 24
5.02 Fraud Detection........................................................................................... 24
5.03 Business Continuity Plan..............................................................................25
6 Appendix 1: Changes to the report.............................................................26
7 Appendix 2: Interruptions............................................................................. 27
3 | P a g e
3
4.01 Review of Draft Violations & Exceptions and Schedule of Criticized Advances
20
4.02 Exit Meeting................................................................................................. 21
4.03 Review of Exit Meeting Chart.......................................................................21
4.04 Review of Examination Report.....................................................................22
4.05 Review of Other Related Documents...........................................................22
4.06 Secretarial Support to the Rating Panel.......................................................23
4.07 Maintenance of Risk Register.......................................................................23
4.08 Secretarial Support to MPBDC......................................................................23
5 Risk Management, Fraud Detection and Business Continuity Plan.......24
5.01 Risk Management........................................................................................ 24
5.02 Fraud Detection........................................................................................... 24
5.03 Business Continuity Plan..............................................................................25
6 Appendix 1: Changes to the report.............................................................26
7 Appendix 2: Interruptions............................................................................. 27
3 | P a g e
Running Header: CENTRAL BANK CREDIT BUREAU EXAMINATION
4
1 General
1.1Purpose
The fundamental purpose of a credit bureau department is to make sure that the creditors
have the appropriate information to facilitate lending and its related decisions. The department
partners with all institutions which take part in lending including banks, mortgage lenders, credit
card service providers and any other company that deals with financial matters.
1.2List of Abbreviations
i. ACRI- Arab Credit Reporting Initiative
ii. ATM- Automated Teller Machine
iii. CBD- Credit Bureau Department
iv. CBO- Central Bank of Oman
v. MFI- Micro Finance Institutions
vi. MOI- Ministry of Interior
vii. NBCI – National Bureau of Commercial Information
viii. ND- National Identification
ix. ROP- Royal Oman Police
x. SME- Small and Medium Enterprises
xi. WB- World Bank (Monnet, 2016)
4 | P a g e
4
1 General
1.1Purpose
The fundamental purpose of a credit bureau department is to make sure that the creditors
have the appropriate information to facilitate lending and its related decisions. The department
partners with all institutions which take part in lending including banks, mortgage lenders, credit
card service providers and any other company that deals with financial matters.
1.2List of Abbreviations
i. ACRI- Arab Credit Reporting Initiative
ii. ATM- Automated Teller Machine
iii. CBD- Credit Bureau Department
iv. CBO- Central Bank of Oman
v. MFI- Micro Finance Institutions
vi. MOI- Ministry of Interior
vii. NBCI – National Bureau of Commercial Information
viii. ND- National Identification
ix. ROP- Royal Oman Police
x. SME- Small and Medium Enterprises
xi. WB- World Bank (Monnet, 2016)
4 | P a g e
Running Header: CENTRAL BANK CREDIT BUREAU EXAMINATION
5
1.3Responsibility for Implementation
Central Bank of Oman (CBO) has a duty and a responsibility of making sure that a constant
structure for the financial progress of Oman has been provided through its Credit Bureau
Department (Dogru, 2017). This will be done in conjunction with any other department which
will be deemed appropriate depending on what has to be done at a given time.
1.4Custody and Access
The custody of information contained herewith and any other related information will be
maintained by the CBO under the department of the Credit Bureau Department. This information
can be accessed by any staff at CBO and any other person who has been granted permission to
access this information by CBO administration.
1.5Maintenance and Updating
This information will be maintained by the CBD at CBO and it will be updated by the same
department in consultation with appropriate government agencies, experts and representatives of
financial institutions where their presence is necessary. This will also be done by the government
through the right ministry so that CBO remains compliant to the law of the state (Wiseman et al,
2019).
1.6Mission Statement
To deliver a constant structure for the financial progress of Oman through efficient,
transparent and effective implementation of financial conversation rate policy and supervision of
the monetary sector.
5 | P a g e
5
1.3Responsibility for Implementation
Central Bank of Oman (CBO) has a duty and a responsibility of making sure that a constant
structure for the financial progress of Oman has been provided through its Credit Bureau
Department (Dogru, 2017). This will be done in conjunction with any other department which
will be deemed appropriate depending on what has to be done at a given time.
1.4Custody and Access
The custody of information contained herewith and any other related information will be
maintained by the CBO under the department of the Credit Bureau Department. This information
can be accessed by any staff at CBO and any other person who has been granted permission to
access this information by CBO administration.
1.5Maintenance and Updating
This information will be maintained by the CBD at CBO and it will be updated by the same
department in consultation with appropriate government agencies, experts and representatives of
financial institutions where their presence is necessary. This will also be done by the government
through the right ministry so that CBO remains compliant to the law of the state (Wiseman et al,
2019).
1.6Mission Statement
To deliver a constant structure for the financial progress of Oman through efficient,
transparent and effective implementation of financial conversation rate policy and supervision of
the monetary sector.
5 | P a g e
Running Header: CENTRAL BANK CREDIT BUREAU EXAMINATION
6
Supervision Framework
The Central Bank of Oman makes use of both on-site and off-site examination
techniques. All banks have to go through an on-site examination every year which is carried out
after a certain period to establish the condition of the institution in question.
Licensing:
1. Requirements
For an organization to be licensed to operate it has to meet the requirements so that its
operations can run smoothly. This means that from documentation, structural requirements,
financial qualifications and personnel should be met depending on the size and scope of the
organization in question. The larger the organization, the more it has to do and vice versa.
2. Ownership
The ownership of a given organization must be stated clearly with the right supporting
documents. Whether it is owned as a sole proprietorship, a partnership or a corporation, this has
to come out clearly so that when licensing is done, the right license has to be provided. This will
enable the government to know who they are dealing with.
6 | P a g e
Dispute
ResolutionLicensing Off-Site
Supervision
On-Site
Supervision
6
Supervision Framework
The Central Bank of Oman makes use of both on-site and off-site examination
techniques. All banks have to go through an on-site examination every year which is carried out
after a certain period to establish the condition of the institution in question.
Licensing:
1. Requirements
For an organization to be licensed to operate it has to meet the requirements so that its
operations can run smoothly. This means that from documentation, structural requirements,
financial qualifications and personnel should be met depending on the size and scope of the
organization in question. The larger the organization, the more it has to do and vice versa.
2. Ownership
The ownership of a given organization must be stated clearly with the right supporting
documents. Whether it is owned as a sole proprietorship, a partnership or a corporation, this has
to come out clearly so that when licensing is done, the right license has to be provided. This will
enable the government to know who they are dealing with.
6 | P a g e
Dispute
ResolutionLicensing Off-Site
Supervision
On-Site
Supervision
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