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Risk Management

 
 

Effective risk management is integral to the Bank’s business success. The Bank’s approach to risk management is to ensure that risks are managed within the levels established by the Bank’s various senior management committees and approved by the Board and/or its committees. The risk management targets are also aligned Bank’s overall Strategy and Business Plan to ensure a coherent convergence by all parts of the Bank to its ultimate objectives. 

Board Responsibility 

The Board of Directors (‘the Board”) is cognisant of its overall responsibility in the establishment of a sound risk management and internal control system as well as reviewing its adequacy and effectiveness. 

The Board has established the following mechanism to ensure that the risks are managed within the tolerance level set to achieve the Bank’s business objectives: 

  • Set overall risks appetite and ensure that mechanisms are in place to effectively mitigate risk. 

  • Ensure appropriate policies, procedures and controls are in place to manage such risks; and 

  • Ensure that arrangements are in place for the effective reporting on all issues related to the functioning of the risk management framework.

To assist in the managing of risk, the Bank has established a governance structure that ensure effective oversights of risks and internal controls. Board committees have been established within this governance structure and they are as follow: 


  • Board Audit Committee 

  • Board Advisory & Strategy Committee 

  • Board Risk Committee 

  • Board Credit Committee 


Senior Management Responsibility 

The management is responsible for implementing the Board’s policies and procedures to manage risks in accordance to the risk appetite set. Their roles include: - 

  • Identify and evaluate risks relevant to the Bank’s business, and the achievement of its business objectives

  • Formulate and implement policies and procedures to manage these risks, as approved by the Board
  • Design, implement and monitor the effective implementation of risk management and internal control system

  • Report in a timely manner to the Board any changes to the risks and the corrective actions taken

The Bank has also established senior management committees to assist in making business decisions with due consideration to risks and returns. The main senior management committees are:

  • Management Committee
  • Asset Liability Committee
  • Credit Committee

  • Disciplinary Committee
  • Product Committee

  • Management Audit Committee

Each Committee of the Bank has its own Terms of Reference to guide and direct its functions.

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