Committees of the Board
BCN’s Board Committees constitute an important element of our corporate governance framework and comprises members of the Board of Directors. Mandated to assist the entire Board in carrying out its advisory and oversight functions, the Board Committees and the Executive Level Committees were established with a clearly defined and agreed-on scope of authority.
Audit CommitteeThe Audit Committee is appointed by the Board of Directors to assist the Board in fulfilling its oversight role regarding the financial reporting process, the system of internal control and risk management, the audit process, as well as the establishment and maintenance of effective corporate governance policies and procedures. The Committee is composed of independent and Non-Executive Directors.
Risk Management CommitteeThe Risk Management Committee is primarily responsible for performing centralized oversight, identifying and managing risks emerging from inadequate or failed processes, human factors, or external events that might threaten the business. This Committee ensures that regular risk assessments are conducted and monitors the whole risk management process.The Risk Management Committee is composed of 3 independent non-executive board members.
Compliance and AML/CFT CommitteeThe Compliance and AML/CFT Committee assists the Board in its oversight of regulatory, compliance, and legal matters and ensures the effective application of the Bank’s compliance systems.
The Committee’s primary duties and responsibilities are:
- Reviewing the guide for implementing the provisions of the law on fighting money laundering & countering terrorist financing and the provisions of these regulations;
- Ascertaining the proper implementation and effectiveness of the AML/CTF procedures and regulations;
- Periodically reviewing the AML/CTF procedures and regulations and providing the related Board Committee with recommendations to develop them in line with the latest best practices;
- Reviewing the reports submitted by the Compliance Unit and the Internal Audit Unit on adopted procedures, unusual operations and high-risk accounts, regarding certain activities.