Board Integrated Risk and Compliance Committee – BIRCC

The Board Integrated Risk and Compliance Committee (BIRCC) oversees and reviews the establishment, effectiveness, and implementation of MCB’s risk management framework. It also defines the bank’s different risk appetites and sectoral exposures across business areas and reviews actual performance against these parameters. It ensures that all transactions are undertaken with due consideration of associated risks and risk mitigation tools. It also reviews business outcomes from risk perspectives and takes corrective actions, when necessary.

Purpose and Scope

The purpose of MCB’s Integrated Risk and Compliance (Committee) is to: (i) oversee the establishment and implementation of a comprehensive risk management framework and compliance policy; (ii) review the effectiveness of the risk management framework and compliance controls in identifying and managing risks, internal processes and regulatory compliance which include but not limited to ensuring the adequacy of risk and compliance management policy and infrastructure to facilitate the implementation of action plans for risk management; and (iii) guide objectives of the framework to ensure the provision of high-quality products and services, promote a risk-aware and compliance-oriented culture, and direct processes throughout the bank to take advantage of opportunities while managing and monitoring risks that may impact the achievement of the bank’s business objectives.

Duties of Board Integrated Risk and Compliance Committee

The Committee is primarily responsible for overseeing the MCB’s Risk Management Strategy, reviewing and approving MCB’s Risk Management Framework, and monitoring the alignment of the MCB’s risk profile and controls with Risk Appetite as mentioned in the MCB’s Risk Appetite Statement in the Risk Management Policy and Compliance Policy. It will also oversee the identification, management, and reporting of risks inherent in the operations, including that adequate resources are allocated to risk management and compliance functions. Such oversight will include but is not limited to, the elements in the Responsibilities and Duties section mentioned below.

  1. Risk Appetite
  2. Overall Risk Governance
  3. Capital
  4. Credit Risk
  5. Market Risk
  6. Liquidity Risk
  7. Operational Risk
  8. IT and Cyber Security Risk
  9. Compliance Risk
  10. Other Risks