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Effective from Aug 31 2021 - Aug 30 2021 To view other versions open the versions tab on the right
The ILAAP process should remain the responsibility of the Board of Directors and Senior Management of the bank. The ILAAP should be well integrated into the bank’s processes and decision-making culture. In this regard, banks are required to ensure the following:
i.
The Board of Directors has the ultimate responsibility for the implementation of the ILAAP, and the Board of Directors or its delegated authority is required to approve an ILAAP governance framework with a clear and transparent assignment of responsibilities, adhering to the segregation of functions. The governance framework should include a clear approach to the regular internal review and validation of the ILAAP.
ii.
All of the key elements of the ILAAP should be approved by the Board of Directors or its delegated authority, and be consistent with the risk appetite set by the Board of Directors, and with the bank’s approach for measuring and managing liquidity and funding risks.
iii.
The Board of Directors or its delegated authority, Senior Management and relevant committees are required to discuss and challenge the ILAAP effectively.
iv.
Each year, the Board of Directors or its delegated authority is required to provide its assessment of the liquidity adequacy of the bank, supported by ILAAP outcomes and any other relevant information, by reviewing and approving the bank’s ILAAP.
