5.1 Board Responsibility in the ICAAP Process
Effective from Jan 01 2024 - Jan 30 2009
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It is important that an internal capital adequacy assessment process, as an activity, remains the responsibility of senior management and the Board.
In this regard, the board of directors and senior management must be clearly involved in its development, the process itself, and its integration into the ongoing operations and planning. The Board should ensure that the ICAAP is embedded in the bank's business and organizational processes. The Board's responsibility in the ICAAP process must be documented and clarified throughout the organisation.