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The senior management of the bank shall be responsible, inter alia, for the following:
i.
Ensuring effective Implementation of the credit policy and credit risk strategy approved by the board of directors. In this regard, the management should ensure that the bank’s credit-granting activities conform to the established strategy, that written procedures are developed and implemented, and that loan approval and review responsibilities are clearly and properly assigned;
ii.
Developing policies and procedures for identifying, measuring, monitoring and controlling credit risk. Such policies and procedures should be in line with the overall strategy and credit policy approved by the Board and address credit risk in all of the bank’s activities and at both the individual credit and portfolio levels. These policies and procedures should, inter alia, provide guidance to the staff on the following matters:
a.
Detailed and formalized credit evaluation/ appraisal process;
b.
Credit approval authority at various hierarchy levels including authority for approving exceptions;
c.
Credit risk identification, measurement, monitoring and control across all products and activities of the bank including risks inherent in new products and activities;
d.
Credit risk acceptance criteria;
e.
Credit origination, credit administration and loan documentation procedures;
f.
Roles and responsibilities of units/staff involved in origination and management of credit;
g.
Procedures for dealing with defaulted credits.
iii.
Communication of approved credit policy and procedures down the line to the concerned staff;
iv.
Ensuring that there is a periodic independent internal assessment of the bank’s credit policy and strategy as well as of the related credit-granting and management functions;
v.
Instituting a process for reporting any significant deviation/exception from the approved policies and procedures to the senior management/board and ensuring rectification thereof through corrective measures;
