No.12 BANKING A"ffi'\Tl)MENT 28C Risk committee (1) Subject to subsection (3), the board of every banking institution and controlling company shall appoint three or more of its members, all of whom shall be non-executive directors, to serve on a risk committee. (2) The functions of the risk committee shall be to assist the board of the banking institution or controlling company concerned(a) to evaluate the adequacy and efficiency of the tisk policies, procedures, practices and controls applied within the institution or company in the day-to-day management of its business; and (b) to identify and assess the risks to which the institution or company is exposed; and (c) to develop risk mitigation strategies to ensure that the institution or company manages optimally the risks to which it is exposed; and (d) to ensure that institution or company undertakes a formal risk assessment at least annually; and (e) to identify and regularly monitor all key risks and key performance indicators to ensure that the institution or company maintains at a high level its decision-making capability and the accuracy of its reporting; and (f) to facilitate and promote communication, through reporting structures, regarding the matters referred to in paragraph (a) and any other related matter, between the board and the officers and employees of the institution or company; and (g) where the institution or company is a member of a group of companies, to co-ordinate the monitoring of risk management on a group basis; and (h) to establish and implement a process of intemal controls and reviews to ensure the efficacy of the overall risk and capital management process; and (i) to establish and implement policies and procedures designed to ensure that the institution or company identifies, measures, and reports all matetial risks; and (j) to establish and implement a process that relates capital to the level of tisk; and (k) to perform such other functions as may be prescribed. (3) The Registrar, upon written application, may exempt a banking institution from the obligation to appoint a risk committee, where the Registrar is satisfied that the institution's controlling company has appointed a risk committee which is able to assume adequately the responsibilities of a risk committee for the banking institution.". 18 New Part inserted in Cap. 24:20 The principal Act is amended by the insertion after Part IV of the following Part"PART IVA CoNSUMER PROTECl'ION 280 Publication of certain information by banking institutions (1) At all times when it is open for banking business, a banking institution shall display in a conspicuous place in every building in Zimbabwe in which it carries on such business232 2015