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The responsibility for risk is borne by the Board of Directors. It is its remit to ensure that an internal control system (ICS), as the basic prerequisite effective and efficient management of risks, is set up and maintained.
In particular, the Board of Directors is responsible for approving the risk policy, additional guidelines relating to matters of risk policy and the risk budget for the overall bank, for overseeing the implementation of the risk policy, the effectiveness of the organization supporting the risk management process and the risk situation of VP Bank Group. In assuming its duties, the Board of Directors is supported by the Audit & Risk Management Committee. |
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Responsibility for risk |
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The responsibility for risk is borne by the Board of Directors. It is its task to ensure that an internal control system (ICS) is established and maintained. The ICS forms the basic prerequisite for effective and efficient risk management.
In particular, the Board of Directors is responsible for approving the risk policy and the risk budget for the overall Bank, for overseeing the implementation of the risk policy and the risk situation of VP Bank Group. In the assumption of its duties, the Board of Directors is supported by the Audit & Risk Management Committee. |
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Group Executive Management |
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The Group Executive Management is responsible for the implementation of the strategies and business policies laid down by the Board of Directors. Amongst its core tasks are the management of risks and returns, the management of business and reputational risks as well as the approval of limits for the individual Group companies and the respective risk categories. |
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Boards of Directors of the Group companies |
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It is incumbent on the Boards of Directors of the Group companies to adapt the risk policy to local circumstances and regulations specific to the respective markets as well ensuring compliance therewith. |
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Group Risk Controlling |
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Group Risk Controlling is responsible for the measurement and control of financial risks as well as periodic and ad-hoc reporting on all risks. In addition, Group Risk Controlling computes the overall risk budget and the risk sub-limits and submits them for approval. Group Risk Controlling is a part of the central staff function Group Finance. |
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Group Risk Management |
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The central staff function Group Risk Management is responsible for asset & liability management (ALM), credit and liquidity management, the management of limits for banks and brokers as well as for derivatives controlling. Furthermore, Group Risk Management prepares and escalates for approval the investment strategy for the management of shareholders’ equity resources. |
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ALM management committee |
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The ALM management committee coordinates and monitors the activities of the organizational units involved in the risk-management process. It supports the Group Executive Management in implementing and complying with the risk policy as well as the investment and risk strategy of VP Bank Group.
The Chief Financial Officer (chairman) as well as the heads of the units Group Risk Management, Asset & Liability Management and Group Risk Controlling are members of the management committee. |
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