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Commitment to integrity is a cornerstone of our mission statement. KBC Bank Ireland plc (‘The Bank’) is committed to maintaining the highest standards of corporate governance, ethics, business integrity and professionalism in all of our activities. These standards are embedded in the corporate culture, reflected in our code of conduct, and reinforced through continuing communication and training.
The Bank is subject to the Central Bank of Ireland’s Corporate Governance Requirements for Credit Institutions 2015 (“Corporate Governance Requirements”) (which is available on www.centralbank.ie) and as the Bank is designated as a “High Impact” institution, the Bank is required to comply with the additional obligations set out in Appendix I of the Corporate Governance Requirements.
The Board believes it has taken measures to put in place robust governance arrangements within the Bank, including a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, adequate internal control mechanisms, including sound administrative and accounting procedures, IT systems and controls, and remuneration policies and practices that are consistent with and promote sound and effective risk management. The Bank’s system of governance assists in promoting an appropriate risk and compliance culture within the Bank.
The Board is the principal decision making forum for the Bank and is responsible to the Shareholder and other stakeholders for the leadership, direction and control of the Bank. It establishes the strategic objectives, corporate values and ethical standards that drive the activities of the Bank.
The Audit Committee assists the Board by supervising the integrity, efficiency and effectiveness of the internal control measures in place and monitoring the effectiveness and adequacy of the Bank’s internal audit function. The Audit Committee also assists the Board in relation to the financial reporting obligations of the Bank. The Audit Committee is comprised of non-executive directors, the majority of whom are independent.
The Risk and Compliance Committee assists the Board in discharging its responsibilities of ensuring that risks are properly identified, reported, assessed and controlled and that the Bank’s strategy is consistent with the Bank’s risk appetite. The Risk and Compliance Committee also assists the Board by supervising compliance with laws, regulations, ethics and fraud policies. The Risk and Compliance Committee is comprised of non-executive directors.
The Board acknowledges its overall responsibility for the Bank’s system of internal control and for reviewing its effectiveness. The Board has established a process for the identification, evaluation and management of the significant risks faced by the Bank, and regularly reviews this process.
Line management has primary responsibility for risk management. It ensures that risk management relating to the business is embedded in the business through policies and procedures. The Bank has also established a specialised Risk Oversight Committee to monitor and assess significant risks, including business, operational, financial and compliance risks, and to review the effectiveness of internal control.