It's your Mortgage Day!
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.