RISK GOVERNANCE

Risk governance is the set of policies and procedures in an organization for the identification, assessment, documentation, monitoring and reporting of risks, taking into account the legal, regulatory, economic, and social environment... According to the OCC, risk governance, which is part of the corporate governance framework, is the bank's approach to risk management. Risk governance applies the principles of sound corporate governance to the identification, measurement, monitoring, and controlling of risks. Risk governance helps ensure that risk-taking activities are in line with the bank's strategy and risk appetite. Key components of risk governance include the risk culture, the risk appetite, and the bank's risk management system... v. engage more frequently with the board, risk committee, audit committee, CEO, CRO, and other relevant functions, such as the CFO, to assess the firm's risk culture (e.g., the "tone at the top"), whether directors provide effective challenge to..

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