Coop leaders join BSP’s risk management seminar

CEBU, Philippines - Around 40 cooperative leaders in Cebu are participating in the two-day Risk Management Seminar conducted by the Bangko Sentral ng Pilipinas and the University of the Phi-lippines Institute for Small Scale Industries.

Funded by the Industrial Guarantee and Loan Fund, the seminar is being held at Sarrosa International Hotel since yesterday participated by member cooperatives and stakeholders of Cebu Credit Surety Fund.

The seminar is aimed at gi-ving information about risk management to mitigate failures in banking and cooperative operations, said Gary Maningo, Bank Officer III of the Department of Loans and Credit of BSP.

Virginio Jamon, team leader and small and medium enterprise specialist, discussed the overview of risk management, its framework, types and managing risk and also emphasized good go-vernance in risk management.

“The board is in-charge of making sure that mechanisms are established to assess and control risks and that systems are in place and applied to ensure a visibility on these risks,” Jamon said.   

Cooperative leaders are concerned on their individual members giving risks to the institution while the National Confederation of Cooperatives is also concerned of the member cooperatives, especially the small ones.

There are three types of risks identified, which include institutional risks; operational risks along with financial risks; and external risks that are beyond control such as natural calamities.

The first day of the seminar ended with a workshop on risk management tools and strategies, output from which will be presented today.

Another topic to be discussed today by Maningo is investment banking while the overview of the CSF and the risk management plan will also be presented this afternoon. — (FREEMAN)