Risk Committee

Composition of the Risk Committee:

• The Chairman of the Committee possesses extensive experience in the financial services and banking industry and preferably in risk management, as well as acquaintance with the local and international regulatory framework
• The members of the Risk Committee possess as a whole adequate knowledge and previous experience in the financial services and the banking industry, and at least one (1) member is specialized in the risk management and has acquaintance with the local and international regulatory framework
• The Committee is supported by an Executive Secretary and a Secretary. The Head of the Risk Management Unit (Chief Risk Officer) is designated as the Executive Secretary by the Board of Directors
• The term of office of the Committee’s members cannot exceed the term of office of the Board of Directors (three years), but the Board of Directors is entitled to cease or replace them at any time

The main responsibilities of the Risk Committee are:

• the Committee convenes, upon its Chairman’s invitation, on a monthly basis, while additional meetings are likely to be convened, if necessary
• the Committee ensures, inter alia, that the Bank has a well-defined risk & capital strategy and risk appetite, that all forms of risks associated with the Bank’s operations are covered effectively and
• that the Bank’s risk appetite is clearly-communicated throughout the Bank. Finally, it ensures the consolidated and specialized management and control of the undertaken risks

Details on the responsibilities and the operations of the Committee are available here.