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Composition of Board Integrated Risk
Management Committee
The Board Integrated Risk Management Committee consists of four members
and is headed by the Deputy Chairman,
Mr. B.R.L. Fernando, who is a Non-Executive Director. The Committee includes the Managing Director,
Mr. A.L. Gooneratne, Mr. L.J.A. Fernando and Mr. A.N. Fonseka. The Chief Financial Officer, Mr. K.D.N. Buddhipala and
Risk Management Consultant,
Mr. D.J. Kelly attend meetings by invitation. Mr. Buddhipala also functions as the Secretary of the Committee.
Charter of the Board Integrated Risk Management Committee
The Board Integrated Risk Management Committee was established by the
Board of Directors on December 27, 2007
as required by the Directions of the Monetary Board for Corporate Governance for Licensed Commercial Banks and follows the rules laid down in paragraph 3 (6) (v) of those Directions. The specific responsibilities of the Committee within the Bank’s overall Risk Governance framework are described on page 36 of the Risk Management section of this Annual Report.
During the course of 2008, the Committee drafted a Charter, which when fully implemented will enable it to comply with the disclosure and governance standards implicit under Pillar 3 of the Basel II Accord in due course.
Board Integrated Risk Management
Committee Meetings
The Committee held four meetings during the year under review. The attendance of Committee Members at meetings is stated in the table on page 59 of this Annual Report. The proceedings of the Committee Meetings are regularly reported to the Board of Directors.
Methodology adopted by the Board Integrated Risk Management Committee
The Committee works closely with the Board in fulfilling its statutory, fiduciary and regulatory responsibilities for Risk Management.
B.R.L. Fernando
Chairman - Board Integrated Risk Management Committee
Colombo
February 18, 2009 |
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