Untitled - Colombo Stock Exchange

Integrated Risk Management Committee
The main responsibilities of the Committee, include the following:
i. Review and approve policies, programs and management committee charters relating to Risk
management and Compliance.
ii. Assess all risks, ie, credit, market, liquidity, operational and strategic risks to the bank on a monthly
basis through appropriate risk indicators and management information. In the case of subsidiary
companies and associate companies, risk management shall be done, both on a bank basis and
group basis.
iii. Approve and adjust, subject to ratification by the Board, risk limits and policies that establish the
appetite of the Bank for credit, market, liquidity and operational risks, which may be recommended
by the Chief Risk Officer.
iv. Review the adequacy and effectiveness of all Management Level Committees such as the Credit
Committee, Personnel Policy Committee and the Asset and Liability Management Committee to
address specific risks and to manage those risks within quantitative and qualitative risk limits as
specified by the Committee.
v Review Risk Management reports on the risk profile of the Bank, as well as emerging market and
regulatory risks, and the actions undertaken to identify, measure, monitor and control risks.
vi. Take prompt corrective action to mitigate the effects of specific risks in the case such risks are at
levels beyond the prudent levels decided by the Committee on the basis of the bank’s policies and
regulatory and supervisory requirements.
vii. Meet at least quarterly to assess all aspects of Risk Management including updated Business
Continuity Plans (BCP)
viii. Take appropriate actions against the officers responsible for failure to identify specific risks and
take prompt corrective actions as recommended by the Committee, and/or as directed by the
Director of Bank Supervision.
ix. Submit a risk assessment report within a week of each meeting to the Board seeking the Board’s
views, concurrence and/or specific directions
x. Review and consult with management regarding the adequacy and effectiveness of risk
management staffing and risk identification, measurement, and monitoring processes, including
without limitation compliance, credit risk evaluation and information security.
xi. Review and concur, by majority vote, in the appointment, replacement, reassignment, or dismissal
of the Chief Risk Officer.
xii Establish a compliance function to assess the bank’s compliance with laws, regulations, and
regulatory guidelines, internal controls and approved policies on all areas of business operations.
xiii Ensure that the dedicated Compliance Officer selected from key management personnel, shall
carry out the compliance function and report to the Committee periodically.
CORPORATE MANAGEMENT
Corporate Management consisting of the Chief Financial Officer and Deputy General Managers
headed by the General Manager is responsible for executive decisions, administration and
operation of the bank. In keeping with Board approved guidelines for promotion and recruitment,
the Board appoints all members of the Corporate Management.
The sub-committees established to fulfil functions delegated to Management are as follows:
B O C DEBENTURE PROSPECTUS 35