The Iraqi Private Banks League organized a specialized workshop addressing regulatory controls related to the Internal Capital Adequacy Assessment Process (ICAAP). The session hosted representatives from the Central Bank of Iraq, the directors from the Banking Supervision Department, and was attended by representatives of all commercial and Islamic banks, including the directors of risk, compliance, credit, internal audit, and finance, as well as board members who are members of the Risk Committee.

The workshop was moderated by Samir al-Nusairi, Advisor to the Iraqi Private Banks League, who outlined the objectives of the capital adequacy regulatory standards in line with the Basel Committee on Banking Supervision (BCBS) requirements under Pillar II, aimed at maintaining capital buffers to mitigate risks. He underscored the importance of strengthening institutional governance within banks, referencing the 2024 Environmental and Social Standards Guide.

al-Nusairi also highlighted the comprehensive banking reform initiative currently being implemented by the Central Bank in partnership with global consulting firm Oliver Wyman, under official government sponsorship.

Central Bank representatives, Ali Abdulaziz and Hussein Ridha, reviewed the specific regulatory guidelines, detailing required tasks, implementation procedures, and timelines banks must follow throughout the coming year.

Participants raised questions about specific controls and observations that needed clarification from the Central Bank, which were addressed by the bank's representatives. The session concluded with the decision to establish a permanent joint task force between the Central Bank and banks to oversee implementation and address potential challenges. It was also agreed to launch targeted training workshops for senior leadership and executive management to ensure accurate application of the new controls.