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SAMA requires that, while a branch’s GM/CEO is ultimately responsible for risk governance throughout the business, a FBB that is involved in significant retail business or is a systemically important wholesale FBB should establish a mechanism for providing risk oversight to the branch’s business activities to provide focused support and advice on risk governance. The responsibilities of the Risk Oversight Team should, at minimum, include the following;
i.
Providing advice to the branch’s management team on risk strategy, including the oversight of current risk exposures of the branch, with particular, but not exclusive, emphasis on prudential risks;
ii.
Development of proposals for consideration by the branch management team in respect of overall risk appetite and tolerance, as well as the metrics to be used to monitor the branch’s risk management performance;
iii.
Oversight and challenge of the day-to-day risk management and oversight arrangements of the branch management team;
iv.
Oversight and challenge of due diligence on risk issues relating to material transactions and strategic proposals that are subject to approval by the branch management team; and
v.
Providing advice, oversight and challenge necessary to embed and maintain a supportive risk culture throughout the branch.
45.
In carrying out their risk governance responsibilities, a FBB’s management team and branch risk oversight function covering the branch should have regard to any relevant advice from the parent’s risk and audit committees concerning the effectiveness of its control framework.
