Singapore legislation
Regulation 17A
Regulation 17A
Risk Management Committee
Subregulation 1
Subject to paragraph (4) and regulations 8(3) and 22, a bank incorporated in Singapore shall have a Risk Management Committee comprising —
at least 3 members of the board of directors of the bank; and (b)at least a majority of directors (including the chairman of the Risk Management Committee) who are non-executive directors.
Subregulation 2
The Risk Management Committee shall, in addition to such other responsibilities as may be determined by the board of directors, be responsible for overseeing —
the establishment and the operation of an independent risk management system for managing risks on an enterprise-wide basis; and
the adequacy of the risk management function of the bank, including ensuring that it is sufficiently resourced to monitor risk by the various risk categories and that it has appropriate independent reporting lines.
Subregulation 3
The Risk Management Committee shall maintain records of all its meetings.
Subregulation 4
If a member of the Risk Management Committee resigns, ceases to be a director or for any other reason ceases to be a member of the Risk Management Committee —
the bank shall notify the Authority of the event within 14 days after the occurrence of the event; and
if this results in a breach of any requirement under paragraph (1), the board of directors shall, within 3 months after that event, appoint such number of new members as may be necessary to rectify the composition of the Risk Management Committee in accordance with that requirement.
Subregulation 5
Any bank which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
Subregulation 6
Any bank which contravenes paragraph (4)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.