The basic function of Risk management committee (hereinafter) RMC is assistance to Executive Board in the field of risk management. Composition of RMC is formed with members of the Executive Board and Head of Risk Management Department. Chairman of Executive Board heads the committee. For the purpose of risk management RMC coordinates activity of internal committees of the Bank. Committee meetings are held 1 time a quarter at least, duly reporting to Supervisory Board.
Basic functions and authority of RMC:
- to develop regulations of risk management and upon endorsement of Executive Board submit them to Supervisory Board for improvement;
- estimate regulations of risk management from time to time and update them if necessary;
- for purpose of improvement of risk management to advise on alterations in operational structure of the Bank or in a certain authority;
- for purpose of improvement of risk management to advise Executive Board and to report to Supervisory Board;
Risk Management Department was established to ensure RMC with daily support. RMS specific requirements to Risk Management Department are determined by specific activity of the Bank. Risk Management Department is an independent organization department of the Bank. Official authorities of such departments are confirmed by relevant Provisions.
In addition to these departments there are another ones which make decision on strategic issues in the field of mitigations of risks. These bodies are Asset and Liability Management Committee, Audit Committee, and IT Committee. Asset and Liability Management Committee makes decisions on management and confirmation of allocating financial recourses of the Bank. The basic function of Loan Committee is assistance to Executive Board in the field of loan portfolio management. Audit Committee assists Supervisory and Executive Boards in field of ensuring availability and adequacy of Risk Control Systems. IT committee discusses the decisions targeted to ensuring efficient and safe work of IT systems of the Bank.