Risk committee requirement for bank holding companies with total consolidated assets of $50 billion or more.

CFR · 2024-01-01 · US · Title 12

(a) (2) (i) Policies and procedures establishing risk-management governance, risk-management procedures, and risk-control infrastructure for its global operations; and (ii) Processes and systems for implementing and monitoring compliance with such policies and procedures, including: (A) Processes and systems for identifying and reporting risks and risk-management deficiencies, including regarding emerging risks, and ensuring effective and timely implementation of actions to address emerging risks and risk-management deficiencies for its global operations; (B) Processes and systems for establishing managerial and employee responsibility for risk management; (C) Processes and systems for ensuring the independence of the risk-management function; and (D) Processes and systems to integrate risk management and associated controls with management goals and its compensation structure for its global operations. (3) (i) Have a formal, written charter that is approved by the bank holding company's board of directors; (ii) Be an independent committee of the board of directors that has, as its sole and exclusive function, responsibility for the risk-management policies of the bank holding company's global (iii) Report directly to the bank holding company's board of directors; (iv) Receive and review regular reports on a not less than a quarterly basis from the bank holding company's chief risk officer provided pursuant to paragraph (b)(3)(ii) of this section; and (v) Meet at least quarte

official document · source cfr-2024 · id 12:§ 252.22