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The European Central Bank has released an update to its guide on Governance and risk culture replacing its 2016 SSM supervisory statement on governance and risk appetite.
The update pulls together the strings of corporate governance, risk management and risk culture. Explicitly including the tone from the top and leadership, a culture of effective communication, challenge and diversity, incentives, and accountability for risks. It reaffirms the role of a banks control functions across the three lines of defense, maintaining their independence of oversight and assurance, with sufficient independence, authority, stature and access to the management body to fulfil their mission.
Governance over the management of risk by the management body of financial institutions is reiterated. Requiring boards, management and sub committees provide appropriate structure to oversight risk, build and manage an appropriate risk culture and embed internal control functions. Clearly documenting the roles and responsibilities of the companies management in risk oversight, challenge, intervention and support of risk management.
A document that other industry sectors could also adopt in their pursuit of risk management.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan Rachel V. Rose, JD, MBA Ryan Buckner
Veritas GRC Senebria European Central Bank
#cybersecurity #cyberriskmanagement #cyberregulation
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