Golomt bank’s Board of Directors reviews effectiveness of internal control system regularly through its committees, Audit Committee and Risk Committee.
The establishment and maintenance of appropriate systems of risk management and internal control is the responsibility of business units whereas the review of the effectiveness of the Bank’s internal control system is the responsibility of the Audit Committee. Audit Committee receives and discusses information and report from Management team and Internal Audit Division (IAD) on internal control system and its effectiveness.
IAD is independent from the Bank and autonomous of the Executive Management. IAD releases its operational plan after conducting risk-based assessment on Bank units, operations and technologies and principal objective of IAD is to create value to the Bank by independently assessing the effectiveness of the governance, risk management, internal control system and operational results and render recommendations.
Golomt Bank has reinvigorated its three-level risk management structure, which has improved the systems to enhance and strengthen each unit’s risk management practices. This includes:
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