Page 81 - ACCESS BANK ANNUAL REPORTS_eBook

contained therein) and any subsequent changes, mittees each of which has a charter that clearly defines its
and review the plan (at least annually) to ensure purpose, composition, structure, frequency of meetings,
its appropriateness; duties, tenure, and reporting lines to the Board.

e) Ensure the organization’s structure, culture, In line with best practice, the Chairman of the Board does
infrastructure, financial means, managerial not sit on any of the Committees. The Board has six stand-
resources and capabilities, as well as systems and ing committees namely: the Board Risk Management Com-
controls are appropriate and adequate to mittee, the Board Audit Committee, the Board Remuner-
support the implementation of its strategies. ation Committee, the Board Governance and Nomination
Committee, the Board Credit and Finance Committee and
f) Review high-level reports periodically submitted the Board Digital and IT Committee.
to the Board on the overall strategic risk profile,
and ensure that any material risks and strategic The management committees which exist in the Bank in-
implications identified from those reports are clude: The Executive Committee (EXCO), Enterprise Risk
properly addressed; and Management Committee (ERMC), Management Cred-
it Committee (MCC), Group Asset & Liability Committee
g) Ensure that senior management is competent in (Group ALCO), and Operational Risk Management Com-
implementing strategic decisions approved by mittee (ORMC).
the Board, and supervising such performances on
a continuing basis Without prejudice to the roles of these committees, the full
Board retains ultimate responsibility for risk management.
THE BOARD AND MANAGEMENT COMMITTEES

The Board of Directors is the highest approval authority
for credit risk policies and credit facilities in Access Bank. It
carries out its oversight function through its standing com-

COMPLIANCE RISK MANAGEMENT

The Bank organizes its compliance function and sets pri- MEASUREMENT, MONITORING AND MANAGEMENT
orities for the management of its compliance risk in a way OF COMPLIANCE RISK
that is consistent with its own risk management strategy In Access Bank, compliance risk is:
and structures.
• Measured by reference to identified metrics,
The implementation of our compliance function trans- incident assessments (whether affecting Access
formation which we commenced in 2015 reached an ad- Bank or the wider industry), regulatory feedback
vanced stage in 2017. The integrated compliance function and the judgment of our external assessors as it
working closely with Internal Audit and Operational Risk to relates to AML/CFT and other compliance
achieve risk convergence provided backbone for integrat- vulnerabilities;
ed assurance and higher visibility of risk management and
control consciousness across the Group. • Monitored against our compliance risk
assessments and metrics, the results of the
The compliance function has continued to redefine its ap- continuous monitoring and reporting activities of
proach from the traditional inspectorate function into an the compliance function and the results of
advisory role with intense focus on regulatory intelligence internal and external audits and regulatory
gathering and closer cooperation with business units with- inspections; and
in the Bank and the Group acting as a contact point for
compliance queries from staff members. We enhanced • Managed by establishing and communicating
the monitoring to online real time to catch up with the cur- appropriate policies and procedures, training
rent digital banking environment instead of the old process employees on them, and monitoring activity to
of waiting for the next day to do transaction call over. We assure their observance.
receive alerts of transactions on a risk based approach by
focusing on the high-risk areas thereby spotting non-con- The Bank continues to recognize its accountability to all its
formities on time. stakeholders under the legal and regulatory requirements

Access BAnk Plc 81
Annual Report & Accounts 2017