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Risk Management
Risk management is decentralised to branches and relevant departments. Customers benefit from faster responses, while the bank benefits from the expertise of risk management specialists at each site. This approach has continually driven down bad debt levels.
Training, in line with international standards, forms an integral part of this division's activities and covers the bank's different target markets.
The establishment of a dedicated risk management team, focused on corporate banking clients located at the coast has further strengthened risk management activities.
The bank's internal audit function conforms to accepted international standards of corporate governance, using the early warning system of control and risk self-assessment (CRSA). This proactive method reinforces traditional auditing methods of substantive testing and workflow-related controls by placing the responsibility for ongoing control of identified and potential bank exposures with functional management and staff.
CRSA is operational in all business units. The results of some 15 routine audits conducted during 2000 were satisfactory, indicating that the process is well established.
A dedicated and proactive loss control unit focuses on crime-related and non-operational losses within the bank. This unit has enhanced fraud awareness among staff and has effectively countered crime while improving relationships with external security-related parties.
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