Page 53 - GTBANK GAMBIA ANNUAL REPORT 2021

4. Financial Risk Management ✓ The Bank will adhere to the risk management
practice of identifying, measuring, controlling and
a. Introduction and Overview reporting risks.

Guaranty Trust Bank (Gambia) Limited has a functional Risk control will not constitute an impediment to the
Risk Management Framework that is responsible for achievement of the Bank's Strategic objectives. The Bank
ongoing identification, measurement and monitoring, and will always comply with all government regulations and
subject to risk limits and other controls. This process of embrace global best practices. The Bank will only assume
risk management is critical to the Bank’s continuing risks that fall within its risk appetite with commensurate
profitability and each individual within the Bank is returns.
accountable for the risk exposures relating to his or her
responsibilities. The Bank is exposed to the following Risk Management Framework
risks:
The Bank’s risk management policies are established to
✓ Credit Risk; identify and analyze the risks faced by the Bank, to set
✓ Liquidity Risk; appropriate risk limits and controls, to monitor risks and
✓ Market Risk. adherence to limits. This policy is subject to review at least
once a year. More frequent reviews may be conducted in
Other key risks faced by the bank as a result of its the opinion of the Board, when changes in laws, market
existence and operations include operational risks, conditions or the Bank’s activities are material enough to
settlement risks, reputational and strategy risks. impact on the continued adoption of existing policies. The
Bank, through its training and management standards
Risk Management Philosophy and procedures, aims to develop a disciplined and
constructive control environment, in which all employees
The risk management philosophy of the Guaranty Trust understand their roles and obligations.
Bank (Gambia) Limited is drawn from its mission and The Board of Directors has overall responsibility for the
vision statements and seeks to achieve maximum establishment and oversight of the Bank’s risk
optimization of the risk – return trade off, while ensuring management framework via its committees – The Board
strong commitment to the following key indices: Risk Committee, Board Credit Committee, and Board
Audit Committee. These committees are responsible for
✓ Excellent service delivery across business developing and monitoring risk policies in their specified
segments; areas and report regularly to the Board of Directors on
✓ Sound performance reporting (financial and non- their activities. All Board committees have both executive
financial); and non-executive members.
✓ Sound corporate governance; The Board Committees are assisted by the various
✓ Consistent appreciation in shareholders’ value. Management Committees in identifying and assessing
risks arising from day to day activities of the Bank. These
committees are:
Guaranty Trust Bank (Gambia) Limited will continue to adhere
to the following risk principles to perform consistently on the ✓ The Management Credit Committee;
above stated indices: ✓ Criticized Assets Committee;
✓ Asset and Liability Management Committee
✓ The Bank will not take any action that will (ALMAC); • Management Risk Committee;
compromise its integrity; ✓ Other Ad-hoc Committees.
✓ Sound performance reporting (financial and non-
financial); These committees meet on a regular basis while others
are set up on an ad-hoc basis as dictated by the
circumstances. The Bank’s Audit Committee is

Annual Report 2021
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