Audit and Compliance Committee
The Audit and Compliance Committee is chaired by a Non-Executive Director and consists of three other Non-Executive Directors. The Committee meets at least four times per year to evaluate, among other things, accounting practices, the internal control systems and the auditing and financial reporting. Its tasks include evaluating critical risk areas identified with the help of Management, as well as reporting on them to the Board.
The Committee operates under a formal charter approved by the Board and the Committee Members have unlimited access to all information. Certain members of Management are invited to attend and give feedback at Committee meetings. The Audit Committee also recommends to the Board the remuneration of the external auditors. The Committee also holds separate meetings with the Head Internal Audit and the external auditors when required, in order to ensure that matters are considered without undue influence.
The Committee is governed by a Committee Charter, which is agreed by the Board and subject to annual review, and include the following responsibilities:
- Consideration of the appointment, re-appointment or removal of the external auditor;
- The negotiation of the audit fee;
- Agreeing the nature and scope of the Bank’s financial audit;
- Monitoring the integrity of the financial statements;
- Considering and reporting on any significant issues in relation to the financial statements;
- Reviewing the cost effectiveness of the audit and the independence and objectivity of the external auditor;
- Reviewing the half-year and annual financial statements, and any audited accounts, before submission to the Board, and confirming to the Board of Directors their opinion that the report and accounts are fair, balanced and understandable and contain sufficient information on the Bank’s performance, business model and strategy;
- Discussing with the Bank’s auditors any issues and reservations arising from the interim review an year-end audit;
- Reviewing, on behalf of the Board, the Bank’s system of internal control and making recommendations to the Board;
- Reviewing the requirement for an audit; and
- Reviewing the Bank’s whistle-blowing procedures.
Risk Management Committee
The is chaired by a Non-Executive Director and consists of three other Non-Executive Directors and one Executive Director, who is also the Chief Executive Officer of the Bank. On a quarterly basis, the Committee reviews the collectability of the Bank’s lending portfolio by not only ensuring adherence to statutory and regulatory requirements, but also ensuring that lending practices and procedures are in line with the credit policy of the Bank, including on matters relating to provisions and allowances for impairment.
Additionally, the Committee supervises the effective implementation of credit and risk management policies and ensures the enhancement of the Bank’s credit risk management systems and processes, in line with best practices in loan rating/credits, risk modeling, loan pricing and strategic loan management, including the identification and control of the concentration of risk.