Annual Report 2012 - National Savings Bank

60ROOTED IN OUR HERITAGEGOVERNANCE REPORT3. Nomination Committee (NC)Scope of the Nomination CommitteeThe Nomination Committee reports tothe Board in respect of its activities anddecisions and the Committee shouldcomprise at least three IndependentDirectors as members.The Committee sets the criteria suchas qualications, experience and keyattributes required for eligibility tobe considered for appointment orpromotion to the post of CEO and thekey management positions.The Nomination Committee is alsoresponsible for providing generaloversight of policies and processesthat ensure the Bank’s compliancewith appointments and nominationsrequired by regulators in addition tomonitoring, evaluating and makingdecisions on behalf of the Board withrespect to policies and strategic mattersrelated to nominating staff members.The Nomination Committee Report isgiven on page 101.4. Integrated Risk ManagementCommittee (IRMC)Scope of the Integrated RiskManagement CommitteeThe IRMC assesses all risks, i.e.credit, market, liquidity, operationaland strategic to the Bank throughappropriate risk indicators andmanagement information.The committee is responsible forensuring that the Integrated RiskManagement framework for the Bankis implemented according to plan andassess all aspects of risk managementincluding the updating of businesscontinuity plans.The IRMC reviews the adequacy andeffectiveness of all management levelcommittees such as the credit committeeand the asset-liability committee toaddress specic risks and to managethose risks within quantitative andqualitative risk limits as specied by thecommittee.The committee takes prompt correctiveaction to mitigate the effects of specicrisks when such risks are at levels beyondthe prudent levels decided by thecommittee on the basis of the Bank’spolicies and regulatory and supervisoryrequirements.The committee also takes appropriateactions against the ofcers responsiblefor failure to identify specic risksand take prompt corrective actions asrecommended by the committee, and/or as directed by the Director of BankSupervision of CBSL.The IRMC ensures submission of a riskassessment report to the Board seekingthe Board’s views, concurrences and/orspecic directions on a regular basis.The committee has established acompliance function to assess the Bank’scompliance with laws, regulations,regulatory guidelines, internal controlsand approved policies on all areasof business operations. A dedicatedCompliance Ofcer is selected from keymanagement personnel to carry out theCompliance function and report to thecommittee periodically.The Integrated Risk ManagementCommittee Report is given onpage 100.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012