BBK annual report eng 21.5.5

Senior Human Resources CommitteeThe Senior Human Resources Committee is responsible for the optimisation of human capital in the Bank through the establishment of appropriatepolicies, procedures and guidelines for the management of human resources.Provision CommitteeThe Provision Committee reviews and decides on the Bank's provisioning requirements for loans and advances, and investments.Risk Management CommitteeThe Risk Management Committee is responsible for the identification, measurement, monitoring and control of risk; establishment of risk policies andprocedures in pursuit of adopting best risk management practices is also part of its scope of work.Strategy Review CommitteeThe Strategy Review Committee reviews and monitors progress on strategic initiatives.IV. Compliance and Anti Money LaunderingCompliance with regulatory and statutory provisions is of paramount importance. The Bank has established a Compliance Unit to act as the focalpoint for implementing local regulatory and statutory requirements. Anti Money Laundering forms an important area of the compliance function,besides areas of corporate governance, disclosure standards, adherence to best practices and conflicts of interest.The Bank has sound Know Your Customer policies, procedures for identifying and reporting suspicious transactions, a programme for periodicawareness training to staff, a designated Money Laundering Reporting Officer; and has taken other initiatives in keeping with Anti Money LaunderingRegulations of the Bahrain Monetary Agency. The Bank’s Anti Money Laundering measures are annually audited by independent auditors. Theoverseas branches in India and Kuwait and its subsidiary (Credimax) have designated compliance and MLRO functions to ensure implementation oflocal stipulations and to meet the minimum requirements of Bahrain Monetary Agency.The Bank is committed to combating Money Laundering and, towards this end, implements all 'Prevention of Money Laundering Regulations' andother guidelines issued by the Bahrain Monetary Agency. These regulations and guidelines are consistent with the FATF recommendations, theCustomer Due Diligence for Banks’ paper and best international practices.V. Code of ConductThe Bank’s Code of Conduct covers the conduct of BBK directors. The code binds signatories to the highest standards of professionalism and duediligence in the performance of their duties. It also covers conflicts of interest, disclosure and the confidentiality of insider information.Board members are bound by specific regulations relating to insider trading and are required to disclose details of their shareholdings in the Bank.VI. Communication StrategyThe Bank endeavours to communicate to its stakeholders by means of internet (www.bbkonline.com) and/or local newspapers for all material eventswhich merit announcements.VII. Incentive SchemeAs part of the Bank's incentive and compensation policy the group has an Employee Shares Option Scheme, under which certain categories ofemployees are notionally allotted specified number of share, at a grant price, with a defined resting period. On completion of the resting period theemployee can exercise his option.