Page 48 - Stanbic Bank IR 2024
P. 48

46  EXECUTING OUR STRATEGY | Our Corporate Governance Principles




            PRINCIPLE 8 (continued)








                BOARD RISK

                MANAGEMENT

                COMMITTEE
                (BRMC)





                Larona Somolekae
                Chairman






            The Risk Management Committee has been delegated for ensuring the quality and integrity of the Bank’s risk and compliance
            management and functions. Its primary responsibilities include ensuring that the Bank has a risk management framework that identifies,
            assesses, monitors, and manages risks effectively, in line with its risk appetite, regulatory requirements, and strategic objectives. The
            Committee plays a vital role in safeguarding the organisation’s resilience, sustainability, and ability to deliver value to stakeholders while
            maintaining compliance with applicable laws and regulations. The Committee’s scope covers various risk disciplines, including credit,
            operational, liquidity, market,  compliance, and liquidity risks, as well as key risks such as interest rate, operational, compliance, legal, and
            reputational risks. Ultimately, the Committee aims to ensure the Bank operates with a strong risk management framework, compliance
            with regulations, and effective risk monitoring, enabling it to identify and mitigate potential risks and maintain a robust risk culture.
            For the year under review, the Committee has effectively fulfilled its obligations in accordance with its mandate. In discharging its
            responsibilities, as outlined in the Committee’s terms of reference, key focus areas were carefully considered and approved. These
            included:
                „ The assessment and approval of the Bank’s risk appetite and risk profile for the Bank’s operations.
                „ Quarterly reviews of detailed risk management reports, encompassing critical risk types such as credit, operational, liquidity and
               market risks across the Bank.
                „ Additionally, quarterly reports on legal and reputational risks were reviewed.
                „ Addressed regulatory matters, including updates on regulatory developments, with a continued emphasis on Anti-Money Laundering
               (AML) and Data Protection Act compliance.
                „ Approved the macroeconomic scenarios utilized in the Internal Capital Adequacy Assessment Process (ICAAP) stress testing
               exercises.
            These activities underscore the Committee’s commitment to robust risk oversight and governance.


            BOARD RISK MANAGEMENT COMMITTEE ATTENDANCE 2024

                                        18/03/2024        19/06/2024        18/08/2024        11/11/2024
                                           Q1                Q2               Q3                Q4
             L Somolekae (Chair)
             A Coutinho*                                    n/a               n/a               n/a
             M Bokete
             L Fuzile
             R Irvine**                    n/a
             M Kgengwenyane***             n/a
            *A Coutinho resigned from the committee on 22 March 2024
            **R Irvine was appointed to the committee on 15 May 2024
            ***M Kgengwenyane was appointed to the committee 19 April 2024
            KEY
                 Attended     * Invitee to the committee    n/a Not a member of the committee
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