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Board Audit & Risk Committee

The Board Audit & Risk Committee is a sub-committee of the main Board and was established to support the Board with technical expertise in respect to Audit and Risk related matters and to oversee and challenge the Bank’s executive management and assurance functions. Its terms of reference include, but are not limited to:

  • Reviewing and monitoring the integrity of the Bank’s financial statements and any significant financial reporting judgements made;
  • Ensuring that the Bank’s annual report and any other published financial information meets all statutory requirements;
  • Appraising the effectiveness of the Bank’s internal financial controls and control and risk management systems;
  • Advising the Board on the Bank’s current and future risk appetite and ensuring that the Bank’s risk appetite is appropriate;
  • Assessing the adequacy of capital and liquidity based on the results of stress testing, the Bank’s internal assessment of capital and liquidity adequacy and the robustness of the Bank’s recovery and resolution plan;
  • Monitoring the effectiveness of the Bank’s three lines of defence model;
  • Examining the Bank’s whistleblowing arrangements; and Evaluating the performance of the Bank’s external auditors and making recommendations to the Board on their appointment and terms of engagement.

The Board Audit & Risk Committee comprises two members, with an independent Non-executive Director serving as Chair.