Specifically, the peer reviews will focus on the following: board responsibilities and practices; the risk management function; and independent assessment of the risk governance framework by internal audit and third parties.
The Financial Stability Board (FSB) published a questionnaire for national authorities on risk governance in order better to assess practices at firms. The thematic review stems from the October 2011 Supervisory Intensity and Effectiveness (SIE) progress report.
Notably, the review will not assess compliance with any specific standard, but will use existing standards and recommendations in order to evaluate progress as well as identify good practices and remaining gaps in firms’ risk governance frameworks, and in the assessment of those frameworks by supervisory authorities. The deadline to submit a questionnaire is 11 May.
Questionnaire
© Financial Stability Board
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