Decreasing Perceived Risk, Driving Appetite for African Trade
Mark Norris participated in a panel discussion titled "Decreasing Perceived Risk, Driving Appetite for African Trade" at Global Trade Review's (GTR) Africa 2023 event: Accelerating Strong and Sustainable Growth Through Trade, which was held in Cape Town on March 17, 2023.
Correspondent banking relationships are the lifeblood of African trade finance, though the "flight to quality" caused by extreme global market volatility has accelerated international bank retrenchment from the continent. The need to implement globally recognised practice in areas including regulatory compliance, sanctions screening and improved data provision is fundamental for financial institutions operating in countries keen to establish new, and strengthen existing, international trade links.
A panel of expert practitioners provided insight on the regulatory environment in which they operate and how this impacts their correspondent relationships across the African continent, highlighting the key operational and governance practices that are perceived as hotbeds for counterparty risk across banking and trading sectors, the importance of understanding compliance requirements in the context of trade, and the opportunities available to those institutions employing world class standards.