The Risk Committee implements it’s functions to minimize the risks of the National Bank’s activities by coordinating the work of structural units in identifying, assessing and limiting the risks inherent in the activities of the National Bank.
The Risk Committee consists of a member of the National Bank Board, who is the Chairman of the Committee and six heads of structural units of the National Bank. The membership of the Risk Committee is approved by the order of the Chairman of the National Bank.
The activity of the Risk Committee, in accordance with its main functions and objectives, consists in considering the issues of risk management in the National Bank to develop recommendations and proposals for optimizing the risk management process.
During 2020, the Committee held 3 meetings. The Committee analyzed the results of self-assessment of the structural units’ operational risks in the National Bank semi-annually, taking into account the impact of restrictive measures related to the COVID-19 disease spread. The results of the analysis indicate that the operational risks were within acceptable limits.
Moreover, the focus was on further improving the methodology for operational risk management and approaches to form the composition of the Committee in accordance with the Risk Management Policy of the National Bank and taking into account international standards and advanced risk management concepts (ISO 31000 Risk Management, COSO Enterprise Risk Management).