Composition of the Committee
Board Integrated Risk Management Committee (the BIRMC) consists of following Board members, whose profiles are given in the section on Board of Directors and Profiles.
Board Members
Mr M P Jayawardena* (Chairman)
Mr J Durairatnam (Managing Director/CEO)
Mr S Swarnajothi* (Director)
Mr K Dharmasiri* (Director)
Mr L D Niyangoda* (Director)
Mr T L B Hurulle* (Director)
Appointed with effect from April 28, 2017
*Independent Non-Executive Director
Non-Board Member
Mr S K K Hettihamu (Chief Risk Officer)
Regular Attendees by Invitation
Mr S Renganathan
(Director/Chief Operating Officer)
Mr V S Rajasooriyar (Compliance Officer)
Secretary to the Committee
Mr K D N Buddhipala (Chief Financial Officer)
Meetings
Name | Eligible to attend/Attended |
Mr M P Jayawardena | 5/5 |
Mr J Durairatnam | 5/5 |
Mr S Swarnajothi | 5/5 |
Mr K Dharmasiri | 5/5 |
Mr L D Niyangoda | 5/4 |
Mr T L B Hurulle | 4/4 |
Mr S Renganathan | 5/5 |
BIRMC held four (4) meetings on a quarterly basis and one additional meeting specifically to discuss and recommend Internal Capital Adequacy Assessment Process (ICAAP) as at December 31, 2016, during the year under review.
This year we evaluated the proposed material changes to the Bank’s risk appetite arising from planned, new or increased businesses.
The BIRMC was established by the Board of Directors, in compliance with the Section 3 (6) of the Direction No. 11 of 2007, on “Corporate Governance for Licensed Commercial Banks in Sri Lanka”, issued by the Monetary Board of the CBSL under powers vested in the Monetary Board, in terms of the Banking Act No. 30 of 1988.The composition and the scope of work of the Committee are in compliance with the same as set out in the BIRMC Charter which was reviewed during December 2017 and clearly sets out the membership, source of authority, duties and responsibilities of the BIRMC as described in the “Managing Risk: An Overview” Section of this report.
BIRMC assists the Board of Directors in performing its oversight function in relation to myriad of risks faced by the Bank in its business operations and ensures adequacy and effectiveness of the risk management framework of the Bank. The Committee submits a risk assessment report within a week of each meeting to the Board of Directors. The duties of the BIRMC include determining the adequacy and effectiveness of such measures, and to ensure that the actual overall risk profile of the Bank conforms to the desirable risk profile of the Bank, as defined by the Board.
All key risks such as Credit, Operational, Market, Liquidity, Information Technology etc. are assessed by the Committee and tracked on a monthly basis through a set of risk indicators. The Committee works very closely with the Key Management Personnel and the Board in fulfilling its statutory, fiduciary and regulatory responsibilities for risk management.
In order to discharge the above duties and responsibilities, the Committee carried out the following activities:
During the year 2017, the BIRMC supported execution of the overall business strategy within a set of prudent risk parameters that are reinforced by an effective risk management framework.
M P Jayawardena
Chairman – Board Integrated Risk Management Committee
Colombo
February 23, 2018