Summary: Seven steps towards a robust risk management framework. Download your copy of the Senior Managers’ Checklist for Heads of a Key Business Area.
Conducting a thorough, independent assessment
Within two months of coming into a new role, Heads of Key Business Areas who work for banks are required to carry out a thorough and independent assessment of the risk management framework in place for the area of the business for which they are responsible.
Assessing the key issues
This practical checklist sets out the key issues that should be assessed if you want to satisfy yourself that the area of the business for which you are responsible has a robust process in place for identifying, assessing and managing each of the various material risks that it faces.
Assessments need to be independent and your own. You can, of course, get colleagues and external advisers to help you, but you must remain centrally involved.
Download your Senior Managers’ Checklist
The checklist covers the following seven key areas of personal accountability for Heads of a Key Business Area:
- Your area of responsibility
- Your structure
- Your risks
- Your systems and controls
- The regulators
- Management Information
- The decisions