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
Select target paragraph3
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