CTRL 3.3.13 Risk committee

(1) The risk committee is responsible for:
(a) advising the board on the firm’s overall risk appetite, overseeing senior management’s implementation of the firm’s risk management strategy, reporting on the firm’s risk culture, and interacting with and overseeing the firm’s risk management function;
Note For the requirements relating to the risk management strategy, see rule 7.1.4.
(b) overseeing the firm’s strategies for:
(i) the management of the firm’s capital and liquidity; and
(ii) dealing with all the relevant risks;
to ensure that the strategies are consistent with the firm’s risk appetite; and
(c) receiving regular reports about:
(i) the firm’s risk profile;
(ii) measurement against the approved risk appetite and risk limits; and
(iii) any limit breaches and actions taken as a result of such breaches.
(2) A majority of the members of the risk committee must be non-executive directors.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)