The main objective of the Risk Management Unit (RMU) is to cover effectively all risks (including financial and operational risks) associated with the various activities and operations of the Bank of Greece, to ensure their consolidated control and appropriate management and to provide the required coordination across all Departments of the Bank. To this end, the RMU has been assigned the following responsibilities:
- The management of the Bank’s Financial Risks related to: (a) its investment operations and (b) the provision of liquidity to the domestic financial system.
- The development of appropriate policies and procedures as well as the provision of methodological support and training to the Bank’s Departments in the framework of the identification, evaluation and management of their Operational Risks (including the risks arising from non-compliance with the Bank’s regulatory framework) as well as their Business Continuity management tasks.
The RMU proposes to the Risk Management Committee of the Bank of Greece the appropriate techniques for adjusting risk to acceptable levels, prepares and submits to the Risk Management Committee of the Bank of Greece reports on issues falling within its competences, as well as its semi-annual report and its annual work programme for approval. The annual work programme is also submitted to the Audit Committee of the Bank of Greece.
The effectiveness and adequacy of the RMU is reviewed and evaluated by the Risk Management Committee of the Bank of Greece.
The independence of the RMU is ensured through:
- the effective segregation of the RMU tasks from the Bank’s market operations;
- the possibility of reporting directly to the Governor and to the Risk Management Committee of the Bank of Greece and the communication of those reports to the Audit Committee of the Bank of Greece;
- the direct access of the RMU to all records, information and data necessary for the appropriate and unhindered performance of its duties.
- Operational Risk & Business Continuity Office
- Financial Risk Office