{"id":281,"date":"2023-07-05T08:38:19","date_gmt":"2023-07-05T08:38:19","guid":{"rendered":"https:\/\/ermf.co.uk\/?page_id=281"},"modified":"2023-07-05T08:38:20","modified_gmt":"2023-07-05T08:38:20","slug":"governance-and-reporting-framework","status":"publish","type":"page","link":"https:\/\/ermf.co.uk\/index.php\/governance-and-reporting-framework\/","title":{"rendered":"Governance and reporting framework"},"content":{"rendered":"\n<p>We were approached by a small bank seeking assistance in building their governance and reporting framework.&nbsp; Initially, they had considered engaging one of the big 4 consultancies, but the cost exceeded their budgetary constraints. &nbsp;<\/p>\n\n\n\n<p>Recognising our ability to deliver the required outcomes within their financial limits and given the time-sensitive nature of the project (there was a short deadline in place to meet a requirement from the Prudential Regulation Authority (PRA)), they chose to work with us.<\/p>\n\n\n\n<p>The client presented us with several requirements, which included:<\/p>\n\n\n\n<ul>\n<li>Establishing effective governance and reporting structures for various Risk Committees.<\/li>\n\n\n\n<li>Overhauling the Chief Risk Officer&#8217;s (CRO) report to the Board.<\/li>\n\n\n\n<li>Reviewing the bank&#8217;s Risk Taxonomy and strategy.<\/li>\n\n\n\n<li>Developing a comprehensive suite of risk policies.<\/li>\n<\/ul>\n\n\n\n<p>Working closely with the bank&#8217;s risk teams, we engaged in the following key activities:<strong><\/strong><\/p>\n\n\n\n<ul>\n<li>Established a Risk Oversight Committee responsible for providing assurance on the implementation and operation of the risk framework across the bank.<\/li>\n\n\n\n<li>Created an Executive Risk Committee tasked with reporting on Risks, Trends, Issues, and Risk Appetites for Credit Risk, Treasury Risk, Financial Crime, and Non-Financial Risk (IT Risk and Operational Risk).<\/li>\n\n\n\n<li>Designed and agreed upon committee stakeholders, Terms of References, and implemented clear reporting timelines and meeting frequencies.<\/li>\n\n\n\n<li>Developed templates for CRO reporting to the Board.<\/li>\n\n\n\n<li>Conducted a review and provided updates to the bank&#8217;s Risk Taxonomy and Risk Strategy plan, contributing suggestions for changes to be approved by the Board.<\/li>\n\n\n\n<li>Drafted a comprehensive suite of risk policies covering Operational Risk, IT Risk, Enterprise Risk, Credit Risk, Liquidity Risk, Market Risk, Capital Risk, and Data Governance.<\/li>\n<\/ul>\n\n\n\n<p>At the completion of the project, our solutions provided the bank with a robust governance and reporting framework that aligned with industry best practices and regulatory requirements.&nbsp; The bank&#8217;s Risk Committees were equipped with effective oversight structures, and the CRO report to the Board was enhanced for improved decision-making.&nbsp; The updated Risk Taxonomy and refined Risk Strategy contributed to a more focused risk management approach.&nbsp; Additionally, the suite of risk policies ensured clarity and consistency in risk management practices across various risk domains.<\/p>\n\n\n\n<p>To learn more about our expertise in building governance and reporting frameworks or to discuss how our services can benefit your organisation, please don&#8217;t hesitate to <a href=\"https:\/\/ermf.co.uk\/index.php\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">contact<\/a> us.\u00a0 We are ready to assist you in strengthening your risk management practices and achieving your strategic objectives.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"684\" data-id=\"282\"  src=\"https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-christina-morillo-1181406-1024x684.jpg\" alt=\"\" class=\"wp-image-282\" srcset=\"https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-christina-morillo-1181406-1024x684.jpg 1024w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-christina-morillo-1181406-300x200.jpg 300w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-christina-morillo-1181406-768x513.jpg 768w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-christina-morillo-1181406-1536x1025.jpg 1536w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-christina-morillo-1181406-2048x1367.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>We were approached by a small bank seeking assistance in building their governance and reporting&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/281"}],"collection":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=281"}],"version-history":[{"count":1,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/281\/revisions"}],"predecessor-version":[{"id":283,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/281\/revisions\/283"}],"wp:attachment":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}