Risk Committee
What is Risk Committee?
A committee of the board of directors responsible for overseeing the organisation's risk management framework, policies, and risk appetite. Risk committees are required or recommended by banking regulations and corporate governance codes.
Terms that appear alongside risk committee
Each of these is named in at least one of the same controls as risk committee. The number is how many controls name both.
- governance 14 shared controls
- audit 13 shared controls
- risk appetite 10 shared controls
- ciso 9 shared controls
- risk assessment 9 shared controls
- board risk committee 9 shared controls
- security officer 8 shared controls
- information security 8 shared controls
Frameworks that govern risk committee
What the standards actually require on risk committee
Requirements naming risk committee across 6 standards, quoted from the control text.
The CISO regularly reports directly to their organisation's audit, risk and compliance committee (or equivalent) on cyber security matters.
ISM-1918 · CISO reporting to audit and risk committee →Each director should oversee the bank's compliance with safe and sound banking practices; the board should require management to establish and implement an effective framework meeting the Guidelines, and the board or its risk committee should approve significa...
occ-heightened-standards-12-cfr-part-30-appendix-d::III.A · III.A Board requires an effective risk governance framework →The Chief Risk Officer must report directly to the Chief Executive Officer and must have regular and unfettered access to the Board and the Board Risk Committee.
CPS220-P40 · Chief Risk Officer Reporting Lines and Board Access →HKMA TM-G-1 Governance of Technology Risk. (1) BOARD AND SENIOR MANAGEMENT OVERSIGHT OF TECHNOLOGY RISK (TM-G-1.2.1) - Board approval of IT strategy + technology risk appetite + risk tolerance; senior management accountability + governance structure;
HKMA-TMG1-Governance-Board-Framework-Roles · TM-G-1 Governance - Board + Senior Mgmt Oversight + Technology Risk Management Framework + Roles →Liquidity risk is subject to robust governance: the board owns and approves the risk appetite and every metric, including how often, how quickly and to whom metrics are reported; the metrics go regularly to the risk committee and senior management;
principles-for-doing-business-at-lloyd-s::P9.6 · 9.6 Robust governance of liquidity risk →Operating structures are put in place to deliver the strategy and business objectives. Management designs the operating structure and reporting lines that carry out the strategy, considering the strategy, the nature and size of the entity, its geographic distr...
coso-enterprise-risk-management-erm-framework-2017::P2 · Principle 2: Establishes Operating Structures →Questions people ask about risk committee
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