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Effective from Nov 23 2011 - Nov 22 2011 To view other versions open the versions tab on the right
i.
The board shall have the overall responsibility for the stress testing framework. For this purpose, it will provide the necessary oversight to ensure that the bank has a sound and robust stress testing program in place;
ii.
The board (or a relevant committee of the board) shall approve the stress testing policy of the bank and any subsequent revision/updating thereof. Such a policy should broadly define the approach, structure and roles for conducting stress tests. It should also appropriately articulate the stress testing framework adopted by the bank which should be in line with its size, complexity of operations, nature of business activities and risk appetite, and also fully captures its risk profile;
iii.
The board shall ensure that the management has devoted adequate resources and created necessary infrastructure for conducting stress tests in an effective manner;
iv.
The board shall also ensure that the management has adopted appropriate processes and procedures for making effective use of stress testing as a risk management tool;
v.
The Board shall review the major findings of the stress tests and ensure that appropriate remedial actions are being taken by the management to mitigate the identified risks;
vi.
The board shall require the management to apprise it from time to time on the effectiveness of the bank’s stress testing framework. If deemed appropriate, the board may also require the management to get the stress testing program independently evaluated by the bank’s internal audit function or by a third-party consultant to be engaged for this purpose.
