Banks’ concurrent risks during the COVID-19 pandemic: A road map for risk officers and risk management

Ahmed A. Diab, Abdelmoneim Metwally, Abdulkarim M. Alzakari and Aisha Fazal
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Ahmed A. Diab: Assistant Professor, Department of Accounting at Prince Sultan University, Saudi Arabia
Abdelmoneim Metwally: Lecturer at Bangor Business School, Bangor University, Bahrain
Abdulkarim M. Alzakari: Chief Risk Officer, Khaleeji Commercial Bank, Bahrain
Aisha Fazal: Senior Lecturer, College of Business and Law, British University of Bahrain (University of Salford), Bahrain

Journal of Risk Management in Financial Institutions, 2022, vol. 15, issue 2, 161-170

Abstract: In the banking literature, the global financial crisis of 2008/09 is cited as one of the key challenges that faced the modern risk management profession. When we look at the current situation of the COVID-19 pandemic, however, we realise that banks worldwide are facing more concurrent risks that need interventions. This paper analyses the impact of the COVID-19 pandemic on the banking sector worldwide, focusing on emerging markets such as Bahrain. In doing so, a road map for banks’ risk managers is proposed. In particular, we present specific recommendations for local and central banks to manage the emerging risks following the pandemic, including operational resilience and increased financial, market and credit risks. Further, we provide some insights and recommendations for the Bahraini banking sector, as an example of an emerging financial market.

Keywords: risk management; banks; COVID-19; financial risks; operational resilience (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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