Audit Risk & Compliance Committee
The Audit and Risk Committee acts on behalf of the Board and provides oversight of the Banks financial reporting and control as well as internal and external audit functions. It reviews and assesses the Banks annual audit plan. Its system of internal controls and regular financial and audit reports. It further reviews strategic issues relating to plans and policies, financial and system controls and methods operation seeing to their adequacy and pinpointing possible improvements. The Internal Auditor and the independent external audit report to the Committee. The Audit and Risk Committee meets at least quarterly and is composed of a member of the Board who acts as the Chair and members comprising the Managing Director and Senior management with accounting, audit, lending and legal management expertise and experience.
The Audit Risk & Compliance Committee is also responsible for policy development and oversight over the Banks Credit, Market and operating risk exposures. It oversees the systems of limits of discretionary authority that the Board delegates to management ensuring that these are observed and any breaches are immediately corrected. It established the framework for reporting risks to the Board including the assessment on the profitability and potential impact of each identified risk exposure of the Bank. These reports include information on portfolio concentrations, value at risk measurements, and breaches on limits.