Singapore legislation
Regulation 16
Regulation 16
Risk Management Committee
Subregulation 1
Subject to paragraph (4) and regulation 19, a regulated institution must have a Risk Management Committee comprising —
at least 3 directors of the regulated institution; and
at least a majority of directors (including the chairperson of the Risk Management Committee) who are non‑executive directors.
Subregulation 2
The Risk Management Committee, in addition to such other responsibilities as may be determined by the board of directors, is responsible for —
overseeing the establishment and the operation of an independent risk management system in the regulated institution for managing risks on an enterprise‑wide basis; and
ensuring the adequacy of the risk management function of the regulated institution, 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 must 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 regulated institution must 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 must, within 3 months after the event, take such steps as may be necessary to rectify the composition of the Risk Management Committee in accordance with that requirement.