Functions within the risk management system
The interplay of the individual functions and bodies within the
overall system is vital to an efficient risk management system.
The roles and responsibilities are clearly defined and ensure
smooth interaction.
| Central elements of the risk management system |
| Body/function |
Key risk management tasks |
| Supervisory Board |
- Advising and supervising the Executive Board in its management of the company, inter alia with respect to risk management, on the basis of the Supervisory Board‘s Rules of Procedure
|
| Executive Board |
- Overall responsibility for Group-wide risk management
- Responsibility for the proper functioning of risk management
- Definition of the risk strategy
- Appointment of the Chief Risk Officer and the members of the Risk Committee
- Release and approval of new products and new business areas
|
| Risk Committee |
Process-integrated monitoring
- Operational risk management, monitoring and coordinating body
- Decision-making power is within the bounds of the risk strategy defined by
the Executive Board
- Implementation and safeguarding of a consistent Group-wide risk management culture
|
| Chief Risk Officer |
Process-integrated monitoring
- Responsibility for holistic risk monitoring across business groups (systematic identification and assessment, control/monitoring and reporting) of all material assets- and liabilities-side risks from the Group perspective
|
| Group Risk Management |
Process-integrated monitoring
- Holistic risk monitoring across business groups (identification, assessment,
monitoring and reporting of all material assets- and liabilities-side risks from
the company perspective)
- Methodological expertise in the development of processes and methods for
risk analysis, assessment and management as well as for risk limitation and
reporting
|
| Business units1 |
Process-integrated controlling
- Primary responsibility for risk identification and assessment on the departmental level based on the guidelines of Group Risk Management
- Setting up and monitoring of the department‘s internal control system (ICS)
|
| Internal Auditing |
Process-independent monitoring
- Process-independent and Group-wide supervision on behalf of the Executive Board
- The key aspects of the auditing tasks performed by the internal auditing function are based upon the Rules of Procedure and department strategy approved by the Executive Board
|
