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of Risk Frameworks and Policies including developments, as well as providing
Enterprise Risk, Credit Risk, Interest Rate additional oversight and challenge
Risk, Regulatory, Conduct and Operational regarding Credit Risk, given the more
Resilience as well as Model Governance. uncertain economic conditions.
The Committee provides oversight on Part of the work for the year has also
risk strategy and risk exposures, stress been in improving the Bank’s approach
and scenario testing, identification and to Cyber Risk. As part of the review and
management of principal/emerging challenge of the Chief Risk Officer’s
risks to the Bank, as well as challenging report, the Committee assessed and
ongoing risk management and oversighting challenged the potential impacts of the
the ability of Second Line, in terms of uncertain economic environment, various
capacity and capability, to support a conflicts around the world as well as other
robust risk culture. economic headwinds, part of its ongoing
consideration of Top and Emerging Risks.
Risk & Compliance Committee The Committee is also responsible
responsibilities and activity in 2024 for oversight of the Bank’s compliance
monitoring and financial crime programmes
During 2024 the Committee continued and completed its annual review of the
to receive this regular management Bank’s annual MLRO Reports.
information, including receiving the The Bank’s Important Business Services
Chief Risk Officer’s reports, reviewing are also overseen by the Risk & Compliance
and approving the Bank’s Risk Appetite Committee and the work during the year
including statements and risk indicators, has included reviewing its approach to
its Internal Liquidity Adequacy Assessment identifying important business services,
Process, and Internal Capital Adequacy setting the appropriate impact tolerances,
Assessment Process, Recovery and and concluding its self‑assessment.
Resolution Plans, along with reviewing Additionally, the Committee provides
the credit protocols, lending policies and oversight and challenge in other key areas
approving the Bank’s Liquidity Funding like Technology/Cyber Risk, Interest Rate
Plan. Additionally, part of the work for the Risk and climate change.
year has also been in improving the Bank’s The Committee met nine times in 2024
approach to cyber and technology risk, as including two dedicated workshops which
well as providing oversight and challenge focused on the ICAAP/ILAAP and the Bank’s
in areas like Interest Rate Risk, model 3 Year Strategic Plan.
management and climate change. Finally, the Committee considered the
More specifically, the Committee
monitored the Bank's Liquidity & Funding role of Second Line in regulatory reporting
and the output of initial work in this regard.
Risk, considering recent industry