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AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 102
On an annual basis, the Bank performs a complete review of all its processes and its procedures across all the areas of operation to mitigate
the risk arising from the fast growing operations. Each subsidiary, business unit and resource area is now responsible for the day-to-day
monitoring of its operational risks and for reducing and preventing losses caused by operational risks. To that end, all Heads of Department
have participated in this review and each department has nominated an Operational Risk Business Coordinator (ORBC) who works closely
with risk management. Procedures and processes have been updated accordingly and action plans designed for each area.
The review conducted during the financial year ended June 2015 showed that risk ranges from ‘low’ to ‘low to medium’. The overall results
were unchanged from last financial year end. Additional controls have been put in place and additional staff have been recruited as well as
restructuring of some departments happened in financial year 2014 to ensure higher controls.
Department
Average Rating
Strategic Development/AIL
C
Credit & Risk Management
C
Domestic Sales
C
Treasury
C
Finance
C
Marketing
C
Global Business
C
Human Resources
C
Information Technology
C
Administration
C
Business Operations
C
A - High
B - Medium to High
C - Low to Medium
D - Low
OPERATIONAL RISK
MANAGEMENT
Action
Plan
Senior
Management
Risk
Management
Policies and
Procedures
Department
Training
Risk
Assessment
Reporting
Business
Unit
RISK MANAGEMENT REPORT (CONTINUED)