Recent financial crises revealed the high vulnerability of the banking system as a complex system for financial transactions. Investigating the causes of the collapse of some large banks shows that each country's banking structure and system requires a corporate governance model suited to the country's economic, political, and cultural models to gain further success. This study aims to formulate a corporate governance model for the Iranian banking system As an Islamic banking system. A future study was conducted using the Delphi method in three phases, with 28 experts in banking and governance strategic studies. In the first phase, one question is applied to identify the most important factors affecting the corporate governance suited to the Iranian banking system based on a risk reduction viewpoint. In the second and third phases, a self-made questionnaire was used based on the results of the first phase to collect the experts’ opinions and provide a consensus. According to the results, 30 effective factors were extracted and classified into six groups, including the effectiveness of the internal controls, the effectiveness of the structure and characteristics of the board of directors, quality of disclosure, responsiveness, optimal risk management, and effectiveness of the ownership structure. The corporate governance model, specific to the Iranian banking system, was also formulated and validated using the findings.