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Primary Responsibilities

The Committee is responsible for receiving regular performance reports from internal control, internal audit and risk management systems and internal system units formed as part of the regulatory compliance, as well as external audit firms, and notifying the Board of Directors on any matter that may negatively affect the sustainability and reliable performance of the Bank's operations or any identified non-compliance with laws or internal regulations.

The Committee shall evaluate the independency of the Bank’s contracted rating agencies, independent audit and valuation firms, including those carrying out information systems audit, and the Board Chairperson, Board members, auditors, managers, and employees thereof in terms of bank-related activities, as well as the adequacy of the allocated resources, and shall submit its evaluations to the Board as a report and repeat this action regularly, and in case of service procurement, at least quarterly during the term of the contract.

The Committee shall supervise compliance with the regulations on Internal Control, Internal Audit and Risk Management, as well as the Bank’s internal policies and operating procedures approved by the Board, and submit suggestions to the Board of Directors as to the required measures.

The Committee shall ensure preparation of a Risk Management Program showing the impact of support services on Internal Systems, and submit annually the program to the Board of Directors together with its opinions.

The Committee shall supervise compliance by the Board of Inspectors with internal and external regulations, and monitor independent and impartial performance by inspectors of their duties.

The Committee shall observe whether the Internal Audit system covers the Bank’s existing and planned activities, as well as the risks posed by these activities, and shall review the Bank’s internal regulations on internal audit that will take effect upon approval by the Board.

The Committee shall establish means of communication for the personnel of Internal System Units to contact the Committee directly.

The Committee shall establish means of communication to ensure that irregularities within the Bank can be reported directly to the Board or the Board of Inspectors or to inspectors.

The Committee shall review internal audit plans.

The Committee shall evaluate professional education levels and adequacy of the managers and personnel of the Internal Systems Units.

The Committee shall assess whether the adequate methods, tools and operating procedures are in place to identify, measure, monitor and control the risks assumed by the Bank.

Together with the Senior Management and Independent Auditors, the Committee shall evaluate independent audit findings, annual and quarterly financial statements and the related documentation, as well as the independent audit report, and shall resolve the matters about which the internal auditor is hesitant.

The Committee shall observe whether the Bank's financial statements are accurate, include all required information and are created in accordance with the applicable laws and shall ensure rectification of any identified error and irregularity.

The Committee shall discuss with the Independent Auditors whether financial statements reflect the Bank’s financial standing, operation results and cash flows accurately and have been prepared in accordance with the procedures and principles prescribed under the Law and other applicable legislation.

The Committee shall monitor whether any person authorized to extend loans is involved in evaluation and decision-making stages of the loans to which such person, their spouse, any child under their guardianship, or any natural or legal person forming a risk group to which such person is a party and shall establish means of communication which enables reporting of such matters to the Committee.

The Committee shall also discuss the activity report to be issued quarterly by the Consumer Relations Coordination Officer.