Annual Report 2012 - National Savings Bank

78ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (6) Board Appointed Committees3 (6) (v) The following rules shall apply in relation to theIntegrated Risk Management Committee:(a) The committee shall consist of at least three Non-Executive Directors, Chief Executive Ofcer andKey Management Personnel supervising broad riskcategories,The Committee shall assess all risks, i.e., credit,(b) market, liquidity, operational and strategic risks tothe Bank on a monthly basis.(c)(d)(e)(f)(g)The Committee shall review the adequacy andeffectiveness of all management level committees.The Committee shall take prompt corrective actionto mitigate the effects of specic risks.The Committee shall meet at least quarterly toassess all aspects of risk management includingupdated Business Continuity Plans (BCP).The Committee shall take appropriate actionsagainst the ofcers responsible for failure to identifyspecic risks and take prompt corrective actionsas recommended by the committee, and/or asdirected by the Director of Bank Supervision.The Committee shall submit a risk assessmentreport within a week of each meeting to the Boardseeking the Board’s views, concurrence and/orspecic directions.Complied withRisk Management Division (RMD) assesses the credit,market, operational risks and submits reports to theCommittee on a quarterly basis. RMD review riskthrough product & sectors, Stress Testing, LiquidityRatios, KPI, KRI, Loss Event data etc and report toIRMC/Board periodically.The Executive Risk Management Committee wasreviewed while the Monthly Compliance Meeting wasreviewed and established as Executive ComplianceCommittee and approved by IRMC. The Operationallevel committees were approved during the year 2010 and2011 and expected to be reviewed during the year 2013.The risk indicators have shown that no specic risk hasreached the alarming level.The Committee had met four times during the year.Complied withPresently all disciplinary actions are handled by theHuman Resources and Development Division. Nonecessities have arisen during the year.The RMD submits risk review reports of IRMC directlyto the Board meeting held subsequently.Complied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012