Corporate Governance
The Bank is governed by a framework that facilitates checks and balances and ensures that appropriate controls are put in place. The Corporate Governance rubrics of the Bank are designed to ensure accountability of the Board and Management to stakeholders and regulators.
The business of the Bank is driven by the Board of Directors which is responsible for strategic direction and overall control of the Bank. The Board articulates the Bank’s business strategy and objectives, monitors and reviews overall performance and ensures that all the activities are in line with the Bank’s overall objectives, risk-return philosophy and FSA rules. The Board exercises its oversight function through its various Committees, namely; the Board Risk and Compliance Committee, Board Credit Committee and the Board Audit Committee.
In addition to the Board Committees, there are other Management Committees; Assets and Liability Management Committee, Management Credit Committee, Management Risk Committee and Performance Committee to ensure effective and good Corporate Governance at the Management level.
Board Risk and Compliance Committee
The Board Risk and Compliance Committee is responsible for recommending policies to the Board on the Bank’s risk profile and limits, and for assessing the adequacy of the Bank’s risk management framework. Its responsibilities include all risks, with the exception of credit risk, and all regulatory compliance issues. The Committee receives reports respectively from the bank’s Heads of Compliance/MLRO and Risk Management in the undertaking of its functions.
Board Credit Committee
The Board Credit Committee is responsible for all credit related risks at the Bank and approves and reviews the Bank’s Credit Policy Guidelines. The Committee reviews all advances granted by the Bank and approves specific loans within the authority delegated to it by the Board but above the authorities it has delegated to the Management Credit Committee. It is responsible for ensuring the maintenance of strong internal credit risk controls and management of credit concentration risk. The Board Credit Committee’s delegated authorities are set by way of the Bank’s Credit Risk Policy which is approved by the Board.
Board Audit Committee
The Audit Committee comprises three Non-Executive Directors and is responsible for ensuring the Bank adheres to all policies and procedures set by the Board. Its more detailed responsibilities involve the review of the Internal Audit scope and annual programme, the review of the external audit scope, and the analysis of audit reports and proposals to amend operating procedures. The Committee also receives reports from the bank’s Head of Internal Control and Audit
