CEBS consults on high-level principles for risk management(CP24)
Start Date: 08/04/2009 | Deadline: 10/07/2009
The Committee of European Banking Supervisors (CEBS) today starts a public consultation on its proposed high-level principles for risk management. The consultation is open to all interested parties, including supervised institutions and other market participants.
In response to the G-20 Declaration and Action Plan published in November 2008, which called for strengthening banks' risk management practices, CEBS has conducted an analysis of its existing risk management guidelines, with the objective of identifying gaps in coverage and other areas where updates to the guidelines would be desirable.
The aim is to enhance and consolidate previously separate presentations and guidelines on risk management in a comprehensive guidebook. To this end, high-level principles for risk management are provided that are intended to be used by both institutions and supervisors in the supervisory review framework under Pillar 2 and may also form the basis of future CEBS guidelines on specific topics.
Kerstin af Jochnick, Chair of CEBS, said: "I am confident that the set of overarching high-level principles that we are now developing will help banks in upgrading risk management practices within the financial system."
The high-level principles address governance and risk culture, risk appetite and risk tolerance, the role of Chief Risk Officer and the risk management function, risk models and integration of risk management areas, and new product approval policies and processes.
The consultation period starts today and runs until 10 July 2009. Comments received will be published on CEBS's website unless respondents explicitly request otherwise. Please send your comments to the following e-mail address: email@example.com.
- Arnold Schanfield and Dan Helming
- Austrian Federal Economic Chamber (WKO)
- European Banking Federation (EBF)
- European Savings Banks Group (ESBG)
- French Banking Federation (FBF)
- Zentraler Kreditausschuss (ZKA)
- LIBA, BBA and ISDA
- PricewaterhouseCoopers (PwC)
- Association française des marchés financiers (AMAFI)
- Associazone Italiana Financial Industry Risk Managers (AIFIRM)