Effective risk management is integral to the Bank’s business success. The Bank’s approach to risk management is to ensure that risks are managed within the levels established by the Bank’s various senior management committees and approved by the Board and/or its committees. The risk management targets are also aligned Bank’s overall Strategy and Business Plan to ensure a coherent convergence by all parts of the Bank to its ultimate objectives.
The Board of Directors (“the Board”) is cognisant of its overall responsibility in the establishment of a sound risk management and internal control system as well as reviewing its adequacy and effectiveness
The Board has established the following mechanism to ensure that the risks are managed within the tolerance level set to achieve the Bank’s business objectives:
To assist in the managing of risk, the Bank has established a governance structure that ensure effective oversights of risks and internal controls. Board committees have been established within this governance structure and they are as follow:
The management is responsible for implementing the Board’s policies and procedures to manage risks in accordance to the risk appetite set. Their roles include:
The Bank has also established senior management committees to assist in making business decisions with due consideration to risks and returns. The main senior management committees are: