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  • Board Risk Committee

    • HC-6.6.14

      Further to HC-1.8.1, all Bahraini conventional bank licensees must establish a board risk committee composed of at least three independent directors. Such board risk committee must be responsible for supporting the board in its oversight and decisions related to the bank's risk management framework.

      Added: July 2018

    • HC-6.6.15

      The risk committee must meet the following requirements:

      (a) must be chaired by an independent director;
      (b) include a majority of members who are independent of day to day risk taking activities;
      (c) include members who have experience in risk management issues and practices;
      (d) develop a committee charter which among other matters include its role in the discussions of risk strategies, both at an aggregated basis and by type of risk and make recommendations to the board thereon, and on the risk appetite and risk limits;
      (e) review and revise as may be required, the bank's policies from a risk management perspective, at least every three years, unless there are material changes in the relevant Rulebook requirements or to the business conducted by the bank and / or its risk profile;
      (f) review and recommend the appointment or removal of Chief Risk Officer; and
      (g) oversee that the bank has in place processes to promote the bank's adherence to the approved risk policies.
      Added: July 2018