Operational Risk Management Committee

The Operational Risk Management Committee (ORMC) is a collegiate body of the Bank which was established to optimise the management of operational risk factors, to procure rapid response to operational developments, to develop and implement the most effective measures to minimize/eliminate effects of operational risk, as well as to unification of knowledge and experience of different structural unit experts that ensure continuity of business units’ activity. The ORMC is accountable to the Management Board of the Bank.

The task of the ORMC is operational risk management in order to reduce operating losses, improve banking processes, systems and technologies, develop, approve and implement measures to ensure continuity of  business units’ activity and stability of the Bank as a whole.

The tasks of the ORMC under given authorities are the following:

• initiates the development of strategies, policies and fundamental approaches to operational risk management of the Bank for approval of the Management Board;
• initiates the development of internal documents of the Bank in terms of implementation and development of FUIB internal control systems;
• approves methodology for operational risk management to develop a common perception of risk;
• approves the level of operational risk for a year - Risk Appetite of the Bank (the threshold of risk for the development and adoption of minimization measures);
• continuously monitors the conformity of operational risk management approaches to the adopted strategy;
• receives and analyses complete, accurate and timely information about the level of operational risk in order to make decisions for operational risk management;
• initiates the development of effective measures by subcommittees and their subsequent control on the ORMC meetings;
• provides development in the Bank's corporate culture and control of operational risk by training new and existing staff, provision of effective information and communication flows to exchange information about the level of operational risk in the units, processes, products;
• adopts common terminology, reporting forms and systems of provision of information by participants of the Operational Risk Management System;
• decides on operational risk management implementation measures and control of their effectiveness.