By David Harper, CFA FRM CIPM

Size: px
Start display at page:

Download "By David Harper, CFA FRM CIPM"

Transcription

1 P2.T7. Operatinal Risk Measurement and Management Capital Planning at Large Bank Hlding Cmpanies: Supervisry Expectatins and Range f Current Practice Binic Turtle FRM Study Ntes By David Harper, CFA FRM CIPM

2 Capital Planning at Large Bank Hlding Cmpanies: Supervisry Expectatins and Range f Current Practice DESCRIBE THE FEDERAL RESERVE S CAPITAL PLAN RULE AND EXPLAIN THE SEVEN PRINCIPLES OF AN EFFECTIVE CAPITAL ADEQUACY PROCESS FOR BANK HOLDING COMPANIES (BHC S) SUBJECT TO THE CAPITAL PLAN RULE DESCRIBE PRACTICES WHICH CAN RESULT IN A STRONG AND EFFECTIVE CAPITAL ADEQUACY PROCESS FOR A BHC IN THE FOLLOWING AREAS: RISK IDENTIFICATION, INTERNAL CONTROLS, CORPORATE GOVERNANCE, CAPITAL POLICY, STRESS TESTING AND STRESS SCENARIO DESIGN, ESTIMATING LOSSES, REVENUES, AND EXPENSES, INCL. QUANTITATIVE AND QUALITATIVE METHODOLOGIES

3 Capital Planning at Large Bank Hlding Cmpanies: Supervisry Expectatins and Range f Current Practice Describe the Federal Reserve s Capital Plan Rule and explain the seven principles f an effective capital adequacy prcess fr bank hlding cmpanies (BHC s) subject t the Capital Plan Rule. Describe practices which can result in a strng and effective capital adequacy prcess fr a BHC in the fllwing areas: Risk identificatin, Internal cntrls (including mdel review and validatin), Crprate gvernance, Capital plicy (including setting f gals and targets and cntingency planning), Stress testing and stress scenari design, Estimating lsses, revenues, and expenses, including quantitative and qualitative methdlgies. Assessing the impact f capital adequacy, including RWA and balance sheet prjectins Describe the Federal Reserve s Capital Plan Rule and explain the seven principles f an effective capital adequacy prcess fr bank hlding cmpanies (BHC s) subject t the Capital Plan Rule. The Federal Reserve s Capital Plan Rule (CPR) requires all U.S.-dmiciled, tp-tier BHCs with ttal cnslidated assets f $50 billin r mre t develp and maintain a capital plan supprted by a rbust prcess fr assessing their capital adequacy. The Federal Reserve s Capital Plan Rule and the assciated annual Cmprehensive Capital Analysis and Review (CCAR) emphasize the imprtance the Federal Reserve places n BHCs internal capital planning prcesses, and n the supervisry assessment f all aspects f these prcesses. CCAR is the Federal Reserve s supervisry prgram fr assessing the capital plans. In 2013, CCAR cvered 18 BHCs that participated in the 2009 Supervisry Capital Assessment Prgram (SCAP). These initiatives (CPR & CCAR) have fcused nt just n the amunt f capital that a BHC has, but als n the internal practices and plicies a firm uses t determine the amunt and cmpsitin f capital that wuld be adequate, given the firm s risk expsures and crprate strategies as well as supervisry expectatins and regulatry standards. The Federal Reserve s assessment f a BHC s capital planning prcess includes an evaluatin f the risk-identificatin, -measurement, and -management practices that supprt the BHC s capital planning and stress scenari analysis, an assessment f stressed lss and revenue estimatin practices, and a review f the gvernance and cntrls arund these practices. The preamble t the Capital Plan Rule utlines the elements n which the Federal Reserve evaluates the rbustness f a BHC s internal capital planning als referred t as the capital adequacy prcess, r CAP. 3

4 There are seven principles f an effective capital adequacy prcess fr bank hlding cmpanies (BHC s) subject t the Capital Plan Rule: Principle 1: Sund fundatinal risk management The BHC has a sund risk-measurement and risk-management infrastructure that supprts the identificatin, measurement, assessment, and cntrl f all material risks arising frm its expsures and business activities. Principle 2: Effective lss-estimatin methdlgies The BHC has effective prcesses fr translating risk measures int estimates f ptential lsses ver a range f stressful scenaris and envirnments and fr aggregating thse estimated lsses acrss the BHC. Principle 3: Slid resurce-estimatin methdlgies The BHC has a clear definitin f available capital resurces and an effective prcess fr estimating available capital resurces (including any prjected revenues) ver the same range f stressful scenaris and envirnments used fr estimating lsses. Principle 4: Sufficient capital adequacy impact assessment The BHC has prcesses fr bringing tgether estimates f lsses and capital resurces t assess the cmbined impact n capital adequacy in relatin t the BHC s stated gals fr the level and cmpsitin f capital. Principle 5: Cmprehensive capital plicy and capital planning The BHC has a cmprehensive capital plicy and rbust capital planning practices fr establishing capital gals, determining apprpriate capital levels and cmpsitin f capital, making decisins abut capital actins, and maintaining capital cntingency plans. Principle 6: Rbust internal cntrls The BHC has rbust internal cntrls gverning capital adequacy prcess cmpnents, including plicies and prcedures; change cntrl; mdel validatin and independent review; cmprehensive dcumentatin; and review by internal audit. Principle 7: Effective gvernance The BHC has effective bard and senir management versight f the CAP, including peridic review f the BHC s risk infrastructure and lss- and resurceestimatin methdlgies; evaluatin f capital gals; assessment f the apprpriateness f stressful scenaris cnsidered; regular review f any limitatins and uncertainties in all aspects f the CAP; and apprval f capital decisins. 4

5 Describe practices which can result in a strng and effective capital adequacy prcess fr a BHC in the fllwing areas: Risk identificatin, Internal cntrls, Crprate gvernance, Capital plicy, Stress testing and stress scenari design, estimating lsses, revenues, and expenses, incl. quantitative and qualitative methdlgies. Risk Identificatin A key lessn frm the recent financial crisis is that many financial cmpanies simply failed t identify the ptential expsures and risks stemming frm their firm-wide activities. Many cmpanies culd nt assess the full scale and scpe f expsures and hw the size and risk characteristics f their expsures and business activities might evlve as ecnmic and market cnditins change. Because f this, the Federal Reserve prescribes that the BHCs shuld have riskidentificatin prcesses t ensure that all risks are accunted fr when assessing capital needs. These prcesses shuld evaluate the full set f ptential expsures stemming frm nand ff-balance sheet psitins, including thse that culd arise frm prvisins f nncntractual supprt t ff-balance-sheet entities 1, and risks cnditinal n changing ecnmic and financial market cnditins during perids f stress. BHCs shuld have a systematic and repeatable prcess t identify all risks and cnsider the ptential impact t capital frm these risks. BHCs shuld clsely assess any assumptins abut risk reductin resulting frm risk transfer (by insurance rute) and/r mitigatin (cllateral, guarantees r expsureliability netting) techniques. Fr example, analysis f the enfrceability and effectiveness f any guarantees r netting and cllateral agreements and the access t and valuatin f cllateral as expsures and asset values are changing rapidly in a stressed market. Strnger risk-identificatin practices include standardized prcesses thrugh which senir management regularly update risk assessments, review risk expsures and cnsider hw their risk expsures might evlve under a variety f stressful situatins. Many BHCs maintain a cmprehensive inventry f risks t which they are expsed, and refresh it as cnditins warrant (such as changes in the business mix and the perating envirnment) with input frm varius units acrss the BHC. 1 Nn cntractual supprt is extended by the BHCs twards the SPE (Special Purpse Entities) flated by them. These are als called Nn-cntractual bligatins which include assciatins with, r spnsrship f, prducts sld r services prvided (via SPE) that may require the supprt r extensin f funds in the future under stressed cnditins. 5

6 Cnsideratin f the risks inherent in new prducts and activities shuld be a key part f risk-identificatin and -assessment prgrams, which shuld als cnsider risks that, may be assciated with any change in the BHC s strategic directin. Risk measures shuld be able t capture changes in an institutin s risk prfile n a timely basis and may be helpful in capital cntingency plans as early warning indicatrs r cntingency triggers, where apprpriate. BHCs shuld be able t demnstrate hw their identified risks are accunted fr in their capital planning prcesses. If certain risks are mitted frm the enterprise-wide scenari analysis, BHCs shuld nte hw these risks are accunted fr in the capital planning prcess. See Bx 1 belw fr illustratin f hw BHCs identified and captured certain risks that are mre difficult t quantify in their capital planning prcess. Bx 1. Incrprating Risks That Are Mre Difficult t Quantify Scenari-based stress testing is a critical element f rbust capital planning. Hwever, stress testing based n a limited number f discrete scenaris cannt and is nt expected t capture all ptential risks faced by a BHC, and therefre, it shuld serve as ne f several inputs t the capital planning prcess. Given the scpe f peratins at and the assciated breadth f risks facing large, cmplex BHCs including the risk f lsses frm expsures and f reduced revenue generatin they are ften expsed t risks ther than credit r market risk, that are either difficult t quantify r nt directly attributable t any f the specific integrated firm-wide scenaris that are evaluated as part f the BHC s scenari-based stress testing ( ther risks ). Examples f these ther risks include reputatinal risk, strategic risk, and cmpliance risk. As nted in the sectin n risk identificatin, a BHC shuld identify and assess all risks as part f its risk-identificatin prcess and shuld capture the ptential effect f all risks in its capital planning prcess. A BHC s capital planning prcess shuld assess the ptential impact f these ther risks n the BHC s capital psitin t ensure that its capital prvides a sufficient buffer against all risks t which the BHC is expsed. There is a wide range f practices arund hw BHCs accunt fr ther risks as part f their capital planning prcess. Many BHCs used internal capital targets t accunt fr such risks, putting in place an incremental cushin abve their targets t allw fr difficult-t-quantify risks and the inherent uncertainty represented by any frward-lking capital planning prcess. Other BHCs assessed the effect f in terms f sme cmbinatin f reduced revenue, added expenses, r a management verlay n tp f lss estimates. BHCs with lagging practices did nt even attempt t accunt fr ther risks in their capital planning prcess. T the extent pssible, BHCs shuld incrprate the effect f these ther risks int their prjectins f net incme ver the nine-quarter planning hrizn. BHCs shuld clearly articulate and supprt any relevant assumptins and the methds used t quantify the effect f risks n their revenue, expenses, r lsses. Fr thse BHCs that did nt incrprate the ptential impact f these ther risks int their capital targets, strnger practices included a clear articulatin f which risks were being addressed by putting in place a cushin abve the capital target, and hw this cushin is related t identified risks. BHCs shuld clearly supprt the methd they used t measure the ptential effect f such risks. Using a simple rule (such as a percent f capital) r expert judgments t determine the cushin abve the capital target, withut prviding analysis r supprt, is a lagging practice. 6

7 Internal Cntrls A BHC shuld have a strng internal cntrl framewrk that helps gvern its internal capital planning prcesses. These cntrls shuld include: regular and cmprehensive review by internal audit; rbust and independent mdel review and validatin practices; cmprehensive dcumentatin, including plicies and prcedures; and change cntrls Scpe f Internal Cntrls A BHC s internal cntrl framewrk shuld address its entire capital planning prcess. This includes: the risk measurement and management systems used t prduce input data, the mdels and ther techniques used t generate lss and revenue estimates; the aggregatin and reprting framewrk used t prduce reprts t management and bards; and the prcess fr making capital adequacy decisins. The cntrl framewrk shuld ensure that BHC management recnciles the separate cmpnents in a cherent manner. The cntrl framewrk shuld help assure that all aspects f the capital planning prcess are functining as intended in supprt f rbust assessments f capital needs. BHCs with strnger cntrl cverage reviewed the cntrls arund capital planning n an integrated basis and applied them cnsistently. Management respnded quickly and effectively t issues identified by cntrl areas and devted resurces t ensure that cntrls were functining effectively. Internal Audit Audit shuld perfrm a review f the full prcess, peridically t ensure that the entire endt-end prcess is functining in accrdance with supervisry expectatins and with a BHC s bard f directrs expectatins as detailed in apprved plicies and prcedures. Internal audit shuld review the manner in which deficiencies are identified, tracked, and remediated. Audit staff shuld have the cmpetence and influence t identify and escalate key issues, and the internal audit functin shuld reprt regularly n the status f all aspects f the capital planning prcess t senir management and the bard f directrs. BHCs with strnger audit practices prvided a cmprehensive, rbust review f all cmpnents f the capital planning prcess, including all f the cntrl elements nted earlier. BHCs with leading internal audit practices arund internal capital planning had strng issue identificatin and remediatin tracking. They ensured that audit staff had strng technical expertise, elevated stature in the rganizatin, and prper independence frm management. 7

8 Independent Mdel Review and Validatin BHCs shuld cnduct independent review and validatin f all mdels used in internal capital planning, cnsistent with existing supervisry guidance n mdel risk management. The mdel review and validatin prcess shuld include: an evaluatin f cnceptual sundness; nging mnitring that includes verificatin f prcesses and benchmarking; and an utcmes analysis. BHCs shuld maintain an inventry f all mdels used in the capital planning prcess, including all input r feeder mdels that prduce prjectins r estimates used by the mdels that generate the final lss, revenue r expense prjectins. BHCs shuld maintain a prcess t incrprate well-supprted adjustments t mdel estimates when mdel weaknesses and uncertainties are identified. BHCs shuld attempt t cmpensate fr the challenges inherent in back-testing stress mdels by cnducting sensitivity analysis r by using benchmark r challenger mdels. BHCs shuld ensure that validatin cvers all mdels and assumptins used fr capital planning purpses, including any adjustments management has made t the mdel estimates. BHCs shuld give mre attentin t mdel risk management, including strengthening practices arund mdel review and validatin. Sme BHCs exhibited strnger practices in their capital planning, including Plicies and Prcedures maintaining an updated inventry f all mdels used in the prcess; ensuring that mdels had been validated fr their intended use; and being transparent abut the validatin status f all mdels used fr capital planning and addressing any mdels that had nt been validated by restricting their use, r using benchmark r challenger mdels t help assess the reasnableness f the primary mdel utput. BHCs shuld ensure they have plicies and prcedures cvering the entire capital planning prcess. Plicies and prcedures shuld ensure a cnsistent and repeatable prcess fr all cmpnents f the capital planning prcess and prvide transparency t third parties regarding this prcess. Plicies shuld be reviewed and updated at least annually and mre frequently when warranted. There shuld als be evidence that management and staff are adhering t plicies and prcedures in practice, and there shuld be a frmal prcess fr any plicy exceptins. Such exceptins shuld be rare and apprved by the apprpriate level f management. 8

9 Ensuring Integrity f Results BHCs shuld have internal cntrls that ensure the integrity f reprted results and the dcumentatin, review, and apprval f all material changes t the capital planning prcess and its cmpnents. A BHC shuld ensure that such cntrls exist at all levels f the capital planning prcess. Specific cntrls shuld be in place t: ensure that MIS are sufficiently rbust t supprt capital analysis and decisin making, with sufficient flexibility t run ad hc analysis as needed; prvide fr recnciliatin and data integrity prcesses fr all key reprts; address the presentatin f aggregate, enterprise-wide capital planning results, which shuld describe any manual adjustments made in the aggregatin prcess and hw thse adjustments cmpensate fr identified weaknesses; and ensure that reprts prvided t senir management and the bard cntain the apprpriate level f detail and are accurate and timely. The party respnsible fr this reprting shuld assess and reprt whether the BHC is in cmpliance with its internal capital gals and targets, and ensure the ratinale fr any deviatins frm stated capital bjectives is clearly dcumented and btain any necessary apprvals. BHCs with strnger practices in this area ensured that gd infrmatin flws existed t supprt decisins, with significant investment in cntrls fr data and infrmatin. Fr example, sme BHCs had an internal audit grup review the data fr accuracy and ensured that any data reprted t the bard and senir management were given extra scrutiny and crss-checking. BHCs with strnger practices had strng MIS in place that enabled them t cllect, synthesize, analyze, and deliver infrmatin quickly and efficiently. These systems als had the ability t run ad hc analysis t supprt capital planning as needed withut emplying substantial resurces. Other BHCs cntinue t face challenges with MIS. Many BHCs have systems that are antiquated and/r siled and nt fully cmpatible, requiring substantial human interventin t recncile acrss systems. Dcumentatin BHCs shuld have clear and cmprehensive dcumentatin fr all aspects f their capital planning prcesses. Dcumentatin shuld cntain sufficient detail, accurately describe BHCs practices, allw fr review and challenge, and prvide relevant infrmatin t decisin makers. 9

TASSAL GROUP LIMITED ABN Procedures for the Oversight and Management of Material Business Risks. (Approved by the Board 28 May 2015)

TASSAL GROUP LIMITED ABN Procedures for the Oversight and Management of Material Business Risks. (Approved by the Board 28 May 2015) Prcedures fr the Oversight and Management f Material Business Risks TASSAL GROUP LIMITED ABN 15 106 067 270 Prcedures fr the Oversight and Management f Material Business Risks (Apprved by the Bard 28 May

More information

2015 Withholding Tax Guidance Note

2015 Withholding Tax Guidance Note 2015 Withhlding Tax Guidance Nte 1 Withhlding Tax Guidance Nte Cntents Table f Cntents 1. Intrductin... 2 2. Tax asset under Slvency II... 3 Withhlding Tax Guidance 2 1. Intrductin In Nvember 2009 the

More information

AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE CHARTER

AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE CHARTER AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE CHARTER August 2012 OPUS Grup Limited Audit, Risk Management and Cmpliance Cmmittee 1. GENERAL PURPOSE The primary bjective f the Audit, Risk Management

More information

Audit Committee Charter. St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd

Audit Committee Charter. St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd Audit Cmmittee Charter St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd Versin 3.0, 19 February 2018 Apprver Bard f Directrs St Andrew

More information

BERMUDA MONETARY AUTHORITY

BERMUDA MONETARY AUTHORITY BERMUDA MONETARY AUTHORITY COMMERCIAL INSURER S SOLVENCY SELF ASSESSMENT (CISSA) 2011 INSTRUCTION HANDBOOK TABLE OF CONTENTS 1. Intrductin... 1 2. Overview... 2 Changes t the CISSA... 2 Submissins f Mdel

More information

Risk and Audit Committee charter

Risk and Audit Committee charter Risk and Audit Cmmittee charter 1. Intrductin The Bard f Cffey Internatinal Limited ( Cffey r the Cmpany ) has established a Risk and Audit Cmmittee ( Cmmittee ). It is nted that the Cmmittee is a sub-cmmittee

More information

Audit and Risk Management Committee Charter

Audit and Risk Management Committee Charter Audit and Risk Management Cmmittee Charter Pivtal Systems Crpratin ("Cmpany") 1. Objectives The Audit and Risk Management Cmmittee (Cmmittee) has been established by the bard f directrs (Bard) f the Cmpany.

More information

Risk Management Policy

Risk Management Policy Risk Management Plicy 1. Purpse The purpse f this plicy is t prvide clear guidelines fr the management f risk. Risk is defined as the effect f uncertainty n bjectives. 1 Risk Management is the discipline

More information

JOB OPPORTUNITY WITH CIBC FIRSTCARIBBEAN INTERNATIONAL BANK. This Role is being posted internally and externally simultaneously

JOB OPPORTUNITY WITH CIBC FIRSTCARIBBEAN INTERNATIONAL BANK. This Role is being posted internally and externally simultaneously Date f Ad: July 28, 2017 Expiry Date: August 14, 2017 JOB OPPORTUNITY WITH CIBC FIRSTCARIBBEAN INTERNATIONAL BANK Jb Title: Jb Level: Lcatin: Functin: Salary range: Assciate Directr, Risk Analytics FC9

More information

Guidelines and Recommendations Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies

Guidelines and Recommendations Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies Guidelines and Recmmendatins Guidelines n peridic infrmatin t be submitted t ESMA by Credit Rating Agencies 23 June 2015 ESMA/2015/609 Table f Cntents 1 Scpe... 3 2 Definitins... 3 3 Purpse f Guidelines...

More information

TERMS OF REFERENCE. Audit and Risk Committee (the "Committee") of Wilmcote Holdings Plc (the "Company")

TERMS OF REFERENCE. Audit and Risk Committee (the Committee) of Wilmcote Holdings Plc (the Company) References t the "Bard" shall mean the full Bard f Directrs. MEMBERSHIP - The Bard has reslved t establish a cmmittee f the Bard t be knwn as the Audit and Risk Cmmittee. - The Cmmittee shall cmprise at

More information

CRSP Index Governance Committees Terms of Reference. Introduction... 2 Governance and Oversight Control Framework... 3 Index Oversight Committee...

CRSP Index Governance Committees Terms of Reference. Introduction... 2 Governance and Oversight Control Framework... 3 Index Oversight Committee... CRSP Index Gvernance Cmmittees Terms f Reference CRSP Center fr Research in Security Prices The University f Chicag Bth Schl f Business Chicag, IL 60603 Intrductin... 2 Gvernance and Oversight Cntrl Framewrk...

More information

Information on capital adequacy. of Bank Polska Kasa Opieki S.A. Group. as at 31 December 2008

Information on capital adequacy. of Bank Polska Kasa Opieki S.A. Group. as at 31 December 2008 Infrmatin n capital adequacy f Bank Plska Kasa Opieki S.A. Grup Warsaw. May 2009 The scpe and principles f publishing infrmatin specified in Reslutin N. 6/2007 f the Cmmissin fr Banking Supervisin (KNB)

More information

Internal Control Requirements for Adopting New Accounting Standards

Internal Control Requirements for Adopting New Accounting Standards Internal Cntrl Requirements fr Adpting New Accunting Standards Backgrund In previus articles, BKD discussed the U.S. Securities and Exchange Cmmissin s (SEC) expectatins regarding the requirement t disclse

More information

International Standard on Auditing (Ireland) 265. Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

International Standard on Auditing (Ireland) 265. Communicating Deficiencies in Internal Control to Those Charged with Governance and Management Internatinal Standard n Auditing (Ireland) 265 Cmmunicating Deficiencies in Internal Cntrl t Thse Charged with Gvernance and Management MISSION T cntribute t Ireland having a strng regulatry envirnment

More information

ICAAP submission suggested format v2.0

ICAAP submission suggested format v2.0 Financial Services Authrity ICAAP submissin suggested frmat v2.0 Last updated: 22/11/2007 Firms are nt required t adpt this frmat when asked t submit their Internal Capital Adequacy Assessment Prcess (ICAAP)

More information

ICAAP REPORT RECOMMENDED STRUCTURE

ICAAP REPORT RECOMMENDED STRUCTURE ANNEX 2A ICAAP REPORT RECOMMENDED STRUCTURE Intrductin The purpse f the Internal Capital Adequacy Assessment Prcess (ICAAP) is t infrm the Bard f Directrs f the nging assessment f the bank s risks, hw

More information

Nova Scotia Power Integrated Resource Plan Terms of Reference

Nova Scotia Power Integrated Resource Plan Terms of Reference Nva Sctia Pwer Integrated Resurce Plan - 2014 Terms f Reference Objective T develp a lng-term Preferred Resurce Plan that establishes the directin fr NS Pwer t meet custmer demand and energy requirements,

More information

Documentation / Other important Standards with SME perspective

Documentation / Other important Standards with SME perspective Dcumentatin / Other imprtant Standards with SME perspective SME - Definitin f MSMEs in India (As Per Micr, Small & Medium Enterprises Develpment (MSMED) Act, 2006) Manufacturing Enterprises Investment

More information

The Committee is specifically charged with the following duties and responsibilities:

The Committee is specifically charged with the following duties and responsibilities: CORPORATE GOVERNANCE POLICY AND PROCEDURES MANUAL AUDIT AND RISK COMMITTEE CHARTER The Bard has reslved t establish a Cmmittee f the Bard t be knwn as the Audit and Risk Cmmittee. This Cmmittee will replace

More information

Powerlink - Corporate Entertainment & Hospitality - Policy

Powerlink - Corporate Entertainment & Hospitality - Policy Pwerlink - Crprate Entertainment & Hspitality - Plicy Plicy stream Gvernance Authred by Chief Financial Officer Maurie Brennan Apprved by Pwerlink Bard Current versin: 04/05/2017 SECURITY CLASSIFICATION

More information

TERMS OF REFERENCE FOR THE PROVISION OF OUTSOURCED INTERNAL AUDIT SERVICE

TERMS OF REFERENCE FOR THE PROVISION OF OUTSOURCED INTERNAL AUDIT SERVICE W&RSETA Standard Bidding Dcuments Terms f Reference TERMS OF REFERENCE FOR THE PROVISION OF OUTSOURCED INTERNAL AUDIT SERVICE 1 W&RSETA Standard Bidding Dcuments Terms f Reference 1. BACKGROUND TO W&RSETA

More information

Chapter 1. Introduction and Overview of Audit & Assurance

Chapter 1. Introduction and Overview of Audit & Assurance Assurance & Auditing Textbk Ntes Chapter 1 Intrductin and Overview f Audit & Assurance Audit prcess in Fcus 1.1 Auditing & Assurance Defined - An assurance is an engagement where an auditr r cnsultant

More information

Are you ready for the FUTURE of your Quality Management system?

Are you ready for the FUTURE of your Quality Management system? 1 Are yu ready fr the FUTURE f yur Quality Management system? BACKGROUND Quality Management System standard, ISO 9001 has made sme majr changes released in September 2015. Organizatins are studying and

More information

CITIGROUP INC. AUDIT COMMITTEE CHARTER As of January 18, 2018

CITIGROUP INC. AUDIT COMMITTEE CHARTER As of January 18, 2018 CITIGROUP INC. AUDIT COMMITTEE CHARTER As f January 18, 2018 Missin The Audit Cmmittee ( Cmmittee ) f Citigrup Inc. ( Citigrup r the Cmpany ) is a standing cmmittee f the Bard f Directrs ( Bard ). The

More information

Enterprise Risk Management Focusing on the Right Risks

Enterprise Risk Management Focusing on the Right Risks Enterprise Risk Management Fcusing n the Right Risks Assciatin Cnference September 17, 2014 P L n L e A l n s a r n L t f i l C 3 1 0 2 cliftnlarsnallen.cm Discussin Objectives 1.Discuss factrs driving

More information

MiFID Supervisory Briefing Suitability

MiFID Supervisory Briefing Suitability MiFID Supervisry Briefing Suitability 19 December 2012 ESMA/2012/850 Date: 19 December 2012 ESMA/2012/850 I. Backgrund 1. ESMA is required t play an active rle in building a cmmn supervisry culture by

More information

AUDIT & RISK COMMITTEE CHARTER

AUDIT & RISK COMMITTEE CHARTER AUDIT & RISK COMMITTEE CHARTER Rle and Respnsibilities The Bard f The Institute f Internal Auditrs Australia (IIA-Australia) has established a Bard Audit & Risk Cmmittee as part f its respnsibilities in

More information

Corporate Governance Charter

Corporate Governance Charter BANQUE INTERNATIONALE A LUXEMBOURG Crprate Gvernance Charter BIL draws n its 160 years f expertise t serve clients, applying the highest standard f business ethics and integrity. Gd and sund gvernance

More information

PRIMERICA, INC. COMPENSATION COMMITTEE CHARTER Adopted on March 31, 2010 and revised as of August 15, 2018

PRIMERICA, INC. COMPENSATION COMMITTEE CHARTER Adopted on March 31, 2010 and revised as of August 15, 2018 PRIMERICA, INC. COMPENSATION COMMITTEE CHARTER Adpted n March 31, 2010 and revised as f August 15, 2018 Missin The Cmpensatin Cmmittee (the Cmmittee ) f Primerica, Inc. (the Cmpany ) is respnsible fr determining

More information

AUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE

AUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE AUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE P U R P O S E The Cmmittee is an perating Cmmittee f the Grup Bard and is charged with the respnsibility f gaining assurance fr the Grup Bard that the rganisatin

More information

ARIZONA FIRE DISTRICT ASSOCIATION FINANCIAL PROCEDURES POLICY

ARIZONA FIRE DISTRICT ASSOCIATION FINANCIAL PROCEDURES POLICY FINANCIAL PROCEDURES POLICY 1. PURPOSE The purpse f these Financial Prcedures is t prvide cnsistent applicatin f cnduct and prper internal cntrls t safeguard the assets f the Arizna Fire District Assciatin

More information

THE CLOROX COMPANY AUDIT COMMITTEE CHARTER. [Effective May 8, 2017]

THE CLOROX COMPANY AUDIT COMMITTEE CHARTER. [Effective May 8, 2017] THE CLOROX COMPANY AUDIT COMMITTEE CHARTER [Effective May 8, 2017] PURPOSE AND AUTHORITY The Audit Cmmittee ( Cmmittee ) is established by the Bard f Directrs ( Bard ) fr the purpses f: 1. Representing

More information

CYBG PLC BOARD REMUNERATION COMMITTEE. Charter

CYBG PLC BOARD REMUNERATION COMMITTEE. Charter Charter Cmmittee Rle The Bards Remuneratin Cmmittee will act as the bard level Remuneratin Cmmittee fr Clydesdale and Yrkshire Banking Grup ( CYBG ) PLC and its subsidiaries, including fr the avidance

More information

Teaching performance assessment (Program Standard 1.2)

Teaching performance assessment (Program Standard 1.2) Teaching perfrmance assessment (Prgram Standard 1.2) Rbust assessment f pre-service teachers is vital in giving students, families and schls cnfidence that graduates frm Australian initial teacher educatin

More information

Financial reporting update. Northern Client Update, May 2017

Financial reporting update. Northern Client Update, May 2017 Financial reprting update Nrthern Client Update, May 2017 Agenda Imprving cmmunicatin in financial reprts Accunting standard changes update Imprving cmmunicatin in financial reprts Objectives f financial

More information

AUDIT COMMITTEE CHARGE

AUDIT COMMITTEE CHARGE AUDIT COMMITTEE CHARGE Number f Members 5-7 Must be an dd number fr purpses f vting. Cmpsitin Members shall include the Secnd Past President, the Secretary and Treasurer, at least ne ther Bard member and

More information

We have carried out the following assurance activities:

We have carried out the following assurance activities: Independent Assurance Reprt T the Bard f Directrs and Management f Trnt-Dminin Bank (the Bank ) Our respnsibilities Our limited assurance engagement has been planned and perfrmed in accrdance with the

More information

Select Auditing Considerations for the 2013 Audit Cycle

Select Auditing Considerations for the 2013 Audit Cycle Select Auditing Cnsideratins fr the 2013 Audit Cycle This Alert is intended t remind member firms f certain auditing cnsideratins that may be relevant fr the 2013 audit cycle. The Alert identifies and

More information

Audit & Risk Committee Charter

Audit & Risk Committee Charter Audit & Risk Cmmittee Charter AUDIT & RISK COMMITTEE CHARTER The Audit & Risk Cmmittee has been established by reslutin f the Bard f Macmahn Hldings Limited ( Macmahn r the Cmpany ). Membership The Audit

More information

Order Execution Policy

Order Execution Policy Glbal Markets Order Executin Plicy State Street Bank Internatinal GmbH, Frankfurt branch State Street Bank Internatinal GmbH, Frankfurt branch ( SSB Intl. GmbH Frankfurt branch ) prvides the fllwing investment

More information

Audit, Risk & Compliance Committee Charter

Audit, Risk & Compliance Committee Charter Audit, Risk & Cmpliance Cmmittee Charter Objective and rle f the cmmittee The bjective f the Cmmittee is t assist the Bard f Directrs t discharge its crprate gvernance respnsibilities t exercise due care,

More information

EXECUTIVE SUMMARY INTERNAL AUDIT REPORT. IOM Kingston JM JULY 2017

EXECUTIVE SUMMARY INTERNAL AUDIT REPORT. IOM Kingston JM JULY 2017 EXECUTIVE SUMMARY INTERNAL AUDIT REPORT IOM Kingstn JM201701 17-21 JULY 2017 Issued by the Office f the Inspectr General Page 1 f 9 Reprt n the Audit f IOM Kingstn Executive Summary Audit File N. JM201701

More information

Summary of revised methodology for setting the allowed revenue for electricity transmission

Summary of revised methodology for setting the allowed revenue for electricity transmission Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin

More information

International Standard on Auditing (UK) 265

International Standard on Auditing (UK) 265 Standard Audit and Assurance Financial Reprting Cuncil June 2016 Internatinal Standard n Auditing (UK) 265 Cmmunicating Defi ciencies in Internal Cntrl t Thse Charged With Gvernance and Management The

More information

1 st Floor, Building 32 The Woodlands Office Park Woodlands Drive, Woodmead 2148, Johannesburg, South Africa

1 st Floor, Building 32 The Woodlands Office Park Woodlands Drive, Woodmead 2148, Johannesburg, South Africa ERM 1 st Flr, Building 32 The Wdlands Office Park Wdlands Drive, Wdmead 2148, Jhannesburg, Suth Africa Tel: +27 11 798 4300 Fax: +27 11 804 2289 www.erm.cm Independent Assurance Statement T Tngaat Hulett

More information

Guidance Note: Liquidity. July Ce document est aussi disponible en français.

Guidance Note: Liquidity. July Ce document est aussi disponible en français. Guidance Nte: Liquidity July 2016 Ce dcument est aussi dispnible en français. Cntents Intrductin... 3 Gvernance and Liquidity Risk Tlerance... 4 Liquidity Management Philsphy... 5 Liquidity Plicy... 5

More information

Work Instruction. for Change Management. Work Instruction Administrator John Doe Chief Corporeal Officer ACME

Work Instruction. for Change Management. Work Instruction Administrator John Doe Chief Corporeal Officer ACME Wrk Instructin fr Change Management Wrk Instructin Administratr Jhn De Chief Crpreal Officer Wrk Instructin Authr Benjamin M.A. Rbsn Directr f Operatins IPSec Pty Ltd Date f Last Update 3/05/2011 12 Mrtuary

More information

HSBC USA INC. HSBC BANK USA, N.A. CHARTER OF THE COMPLIANCE COMMITTEE

HSBC USA INC. HSBC BANK USA, N.A. CHARTER OF THE COMPLIANCE COMMITTEE HSBC USA INC. HSBC BANK USA, N.A. CHARTER OF THE COMPLIANCE COMMITTEE I. Cmmittee Purpse The Cmpliance Cmmittee (the Cmmittee ) is appinted by the Bards f Directrs f HSBC USA Inc. (the Crpratin ) and HSBC

More information

CORPORATE GOVERNANCE POLICY

CORPORATE GOVERNANCE POLICY CORPORATE GOVERNANCE POLICY Bard Missin Sagicr Real Estate X Fund Limited ( X Fund r the Cmpany ) was incrprated in 2011 under the laws f St. Lucia as an Internatinal Business Cmpany (IBC). X Fund is cmmitted

More information

Current Developments: Canadian Securities and Auditing Matters

Current Developments: Canadian Securities and Auditing Matters Current Develpments: Canadian Securities and Auditing Matters March 2017 kpmg.ca Canadian Securities and Auditing Matters This editin prvides a summary f newly effective and frthcming regulatry and auditing

More information

Board Performance Review & Renewal Policy

Board Performance Review & Renewal Policy Bard Perfrmance Review & Renewal Plicy St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd Versin 2.0, 22 February 2016 Apprver Bard f Directrs

More information

[AGENCY NAME] Mandate and Roles Document. (Pure Advisory Committees)

[AGENCY NAME] Mandate and Roles Document. (Pure Advisory Committees) [This sample dcument has been develped by the Agency Gvernance Secretariat. It is intended t be used fr infrmatinal purpses nly. Agencies are encuraged t adapt the dcument t meet their specific needs.

More information

Chapter 17. Environmental and Social Management System and Environmental and Social Management Plan

Chapter 17. Environmental and Social Management System and Environmental and Social Management Plan Chapter 17 Envirnmental and Scial Management System and Envirnmental and Scial Management Plan CONTENTS 17 ENVIRONMENTAL AND SOCIAL MANAGEMENT SYSTEM AND ENVIRONMENTAL AND SOCIAL MANAGEMENT PLAN 17-1 17.1

More information

Corporate Governance Principles

Corporate Governance Principles Crprate Gvernance Principles Revised 05-03-2018 Amphenl s Crprate Gvernance Principles have been apprved by the Bard f Directrs and, tgether with the Cmpany s Certificate f Incrpratin, as amended and/r

More information

Investor Money Regulations

Investor Money Regulations Investr Mney Regulatins A new regime fr fund service prviders in Ireland On the 30 th March 2015, the new Investr Mney Regulatins were brught int effect by Statutry Instrument 105 f 2015, with crrespnding

More information

Approval Process and Arrangements for University Consultancy Work

Approval Process and Arrangements for University Consultancy Work Apprval Prcess and Arrangements fr University Cnsultancy Wrk 1 Intrductin Cnsultancy activities can be separated int tw types: thse undertaken in City s name (University cnsultancy) and thse undertaken

More information

Governance Structure & Charter. Risk Management Resource. Strengthening the sector

Governance Structure & Charter. Risk Management Resource. Strengthening the sector Gvernance Structure & Charter Risk Management Resurce Strengthening the sectr Cntrls Mdel Gvernance Structure Cntext A Gvernance Structure and Charter frms part f an rganisatin s cnstitutin, which is a

More information

Report of the American Academy of Actuaries Annuity Reserve Work Group

Report of the American Academy of Actuaries Annuity Reserve Work Group Reprt f the American Academy f Actuaries Annuity Reserve Wrk Grup Presented t the Natinal Assciatin f Insurance Cmmissiners Life and Health Actuarial Task Frce Seattle, WA August 2010 The American Academy

More information

Best Execution & Client Order Execution Policy. October P age 1 6. BE31/10/17 v1

Best Execution & Client Order Execution Policy. October P age 1 6. BE31/10/17 v1 Best Executin & Client Order Executin Plicy Octber 2017 BE31/10/17 v1 P age 1 6 Cntents 1. Backgrund... 3 2. Order placement... 3 3. Order executin factrs... 3 4. Order executin plicy... 3 5. Order executin

More information

Detailed Capital Disclosures Template (APS 330 Attachment A)

Detailed Capital Disclosures Template (APS 330 Attachment A) 1 Detailed Capital Disclsures Template (APS 330 Attachment A) The capital disclsures detailed in the template belw represents the pst 1 January 2018 Basel III cmmn disclsure requirements. Gulburn Murray

More information

International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements

International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements AT A GLANCE September 2012 Internatinal Standard n Review Engagements (ISRE) 2400 (Revised), Engagements t Review Histrical Financial Statements This summary prvides an verview f ISRE 2400 (Revised), Engagements

More information

Policy Coversheet. Link Tutors: appointment and responsibilities

Policy Coversheet. Link Tutors: appointment and responsibilities Plicy Cversheet Name f Plicy: Link Tutrs: appintment and respnsibilities Purpse f Plicy: Intended audience(s): Apprval fr this plicy given by: T utline the arrangements fr the appintment f University Link

More information

UNITED NATIONS OFFICE FOR PROJECT SERVICES (UNOPS) IN CAMBODIA (PRINCIPAL RECIPIENT) INTERNAL AUDIT REPORT. 14 July 2017

UNITED NATIONS OFFICE FOR PROJECT SERVICES (UNOPS) IN CAMBODIA (PRINCIPAL RECIPIENT) INTERNAL AUDIT REPORT. 14 July 2017 UNITED NATIONS OFFICE FOR PROJECT SERVICES (UNOPS) IN CAMBODIA (PRINCIPAL RECIPIENT) INTERNAL AUDIT REPORT 14 July 2017 PROJECT NAME: REGIONAL ARTEMISININ RESISTANCE INITIATIVE (RAI) PROJECT NUMBER: 00089688

More information

Audit Committee Charter

Audit Committee Charter Audit Cmmittee Charter I. Purpse f Audit Cmmittee The purpse f the Audit Cmmittee, which is part f the Bard, shall be (a) t assist the Bard s versight f (i) the integrity f the Cmpany s financial statements,

More information

AUDIT COMMITTEE CHARTER

AUDIT COMMITTEE CHARTER AUDIT COMMITTEE CHARTER WBHO Audit Cmmittee Charter Page 1 f 9 Intrductin The Audit Cmmittee is cnstituted as a statutry cmmittee f the Cmpany in respect f its statutry duties in terms f Sectin 94(1) f

More information

Human Resources & Remuneration Committee Charter. Bank of Queensland

Human Resources & Remuneration Committee Charter. Bank of Queensland Human Resurces & Remuneratin Cmmittee Charter Bank f Queensland 31 May 2018 1Intrductin The Human Resurces & Remuneratin Cmmittee (Cmmittee) has been established by the Bank f Queensland Limited (BOQ)

More information

Policy and Procedures Date: April 23, Subject: Policy and Procedures for Establishment of New Schools at Virginia Tech

Policy and Procedures Date: April 23, Subject: Policy and Procedures for Establishment of New Schools at Virginia Tech Virginia Plytechnic Institute and State University N. 6150 Rev.: 1 Plicy and Prcedures Date: April 23, 2002 Subject: Plicy and Prcedures fr Establishment f New Schls at Virginia Tech 1. Purpse...1 2. Plicy...1

More information

Overview of Statements of Investment Policies and Procedures (SIPP) Requirements

Overview of Statements of Investment Policies and Procedures (SIPP) Requirements Financial Services Cmmissin f Ontari Cmmissin des services financiers de l Ontari SECTION: INDEX NO.: TITLE: APPROVED BY: PUBLISHED: Investment Guidance Ntes IGN-005 Overview f Statements f Investment

More information

Terms of Reference - Board of Directors (approved by the Board on 12 April 2018)

Terms of Reference - Board of Directors (approved by the Board on 12 April 2018) Terms f Reference - Bard f Directrs (apprved by the Bard n 12 April 2018) 1. Respnsibility and Principal Duties The Bard f Directrs has the verall respnsibility fr the gvernance f the Cmpany and fr supervising

More information

Sound Management of Electronic Wastes in North America Operating Year(s):

Sound Management of Electronic Wastes in North America Operating Year(s): 2011 2012 Operatinal Plan Prject Descriptin Sund Management f Electrnic Wastes in Nrth America Operating Year(s): 2011 2012 Planned Budget: C$400,000.00 2011: C$165,000.00 2012: C$235,000.00 Strategic

More information

An Update on Troubled Debt Restructurings

An Update on Troubled Debt Restructurings An Update n Trubled Debt Restructurings Lyle Alexander Partner BKD, LLP lalexander@bkd.cm Chris Van Lng Senir Manager BKD, LLP cvanlng@bkd.cm T Receive CPE Credit Participate in entire webinar Answer plls

More information

Enterprise Risk in Investments

Enterprise Risk in Investments Enterprise Risk in Investments Enterprise Risk Management Je Celentan Senir Vice President Chief Risk Officer Pacific Life Agenda Enterprise Risk Management Risk Management Framewrk Key Terms and Cncepts

More information

Detailed Capital Disclosures Template (APS 330 Attachment A)

Detailed Capital Disclosures Template (APS 330 Attachment A) 1 Detailed Capital Disclsures Template (APS 330 Attachment A) The capital disclsures detailed in the template belw represents the pst 1 January 2018 Basel III cmmn disclsure requirements. Gulburn Murray

More information

3.2 Equity. An interest in a business consisting of any stock, stock option, or similar ownership interest in such business.

3.2 Equity. An interest in a business consisting of any stock, stock option, or similar ownership interest in such business. UNIVERSITY OF SOUTH ALABAMA INSTITUTIONAL CONFLICT OF INTEREST POLICY 1. PREFACE This plicy is established t prvide apprpriate institutinal safeguards t sustain an envirnment where spnsred prjects, dedicated

More information

The Company is a public company incorporated in Bermuda and its securities are listed on AIM.

The Company is a public company incorporated in Bermuda and its securities are listed on AIM. (Incrprated in Bermuda Registratin N. 44512) POLICY FOR TRADING IN COMPANY SECURITIES The Cmpany is a public cmpany incrprated in Bermuda and its securities are listed n AIM. Schedule 1 t this Plicy cntains

More information

ABORIGINAL ECONOMIC PARTNERSHIPS Program Application Guidelines

ABORIGINAL ECONOMIC PARTNERSHIPS Program Application Guidelines ABORIGINAL ECONOMIC PARTNERSHIPS Prgram Applicatin Guidelines The Abriginal Ecnmic Partnerships Prgram (AEPP) supprts Abriginal cmmunities, businesses and rganizatins t increase participatin in ecnmic

More information

Effective Practices for Managing Student-Athlete Insurance

Effective Practices for Managing Student-Athlete Insurance The NCAA requires that all member institutins certify that student-athletes have cverage fr medical expenses within the deductible f the NCAA catastrphic plicy, currently at $90,000 ($75,000 fr institutins

More information

The CIA certification has 4 parts. The CCSA exam and the CGAP exam are single part specialty exams.

The CIA certification has 4 parts. The CCSA exam and the CGAP exam are single part specialty exams. Abut this bk The CIA certificatin has 4 parts. The CCSA exam and the CGAP exam are single part specialty exams. The CIA exam parts are: PART 1 THE INTERNAL AUDIT ACTIVITY S ROLE PART 2 CONDUCTING THE INTERNAL

More information

Employee Hardship Assistance Policy

Employee Hardship Assistance Policy Emplyee Hardship Assistance Plicy Functinal Area: Human Resurces Applies T: All Faculty and Staff Plicy Reference(s): N/A Number: TBD Date Issued: March 4, 2013 Page(s): 6 Respnsible Persn The Directr

More information

Chapter 11. Financial Planning and. forecasting Chapter 11

Chapter 11. Financial Planning and. forecasting Chapter 11 Chapter 11 Financial planning and frecasting Chapter 11 Financial Planning and Frecasting Learning utcmes Discuss the purpse f a financial plan detail Define financial plan and financial plicy Discuss

More information

Understanding Self Managed Superannuation Funds

Understanding Self Managed Superannuation Funds Understanding Self Managed Superannuatin Funds Hw t read this dcument Managing yur finances t meet yur day t day requirements as well as yur lng-term gals can be a cmplex task. There are all srts f issues

More information

ADVISORY Financial Institutions

ADVISORY Financial Institutions ADVISORY Financial Institutins BEIJING BRUSSELS LONDON NEW YORK SAN DIEGO SAN FRANCISCO SILICON VALLEY WASHINGTON www.cv.cm December 22, 2011 FEDERAL RESERVE PROPOSES RULES IMPLEMENTING ENHANCED PRUDENTIAL

More information

FCA Final Notice: Market abuse systems and controls

FCA Final Notice: Market abuse systems and controls FCA Final Ntice: Market abuse systems and cntrls regulkar Key issues frm the Final Ntice issued by the Financial Cnduct Authrity t W H Ireland Limited n 22 February 2016. 16 March 2016 simmns-simmns.cm

More information

SUMMARY FOR THIRD PARTY SUPPLIERS

SUMMARY FOR THIRD PARTY SUPPLIERS Anti-Mney Laundering and Cunter Terrrist Financing SUMMARY FOR THIRD PARTY SUPPLIERS RATIONALE Grup Plicy Ratinale This Plicy has been designed t assist in managing the risk f Mney Laundering, Terrrist

More information

Manual of Administrative Policies and Procedures

Manual of Administrative Policies and Procedures Manual f Administrative Plicies and Prcedures POLICY 1.49 Cntract Management and Signing Authrity Plicy Categry: General Related Prcedures: Prcedures fr Negtiating, Apprving and Signing University Cntracts

More information

Using the Work of an Auditor s Expert

Using the Work of an Auditor s Expert SINGAPORE STANDARD ON AUDITING SSA 620 Using the Wrk f an Auditr s Expert This SSA 620 supersedes SSA 620 Using the Wrk f an Expert in September 2009. Auditrs are required t cmply with the auditing standards

More information

Huntington Bancshares Incorporated

Huntington Bancshares Incorporated Audit Cmmittee Apprved By: Bard f Directrs Huntingtn Bancshares Incrprated Apprval Date 1 f 6 Purpse f Cmmittee The Audit Cmmittee (Cmmittee) is established by the Bard f Directrs (Bard) t assist the Bard

More information

NANOSTRING TECHNOLOGIES, INC. COMPENSATION COMMITTEE CHARTER. (Adopted as of October 16, 2012 and amended as of April 26, 2017)

NANOSTRING TECHNOLOGIES, INC. COMPENSATION COMMITTEE CHARTER. (Adopted as of October 16, 2012 and amended as of April 26, 2017) NANOSTRING TECHNOLOGIES, INC. COMPENSATION COMMITTEE CHARTER (Adpted as f Octber 16, 2012 and amended as f April 26, 2017) PURPOSE The purpse f the Cmpensatin Cmmittee (the Cmmittee ) f the Bard f Directrs

More information

Local Code Of Corporate Governance

Local Code Of Corporate Governance Lcal Cde Of Crprate Gvernance Apprved by Jint Cmmittee 26 June 2017 Reprt N JC 09/2017 LOCAL CODE OF CORPORATE GOVERNANCE INTRODUCTION Crprate gvernance is the cmbinatin f prcesses and structures implemented

More information

APPLIED INDUSTRIAL TECHNOLOGIES, INC. EXECUTIVE ORGANIZATION & COMPENSATION COMMITTEE CHARTER

APPLIED INDUSTRIAL TECHNOLOGIES, INC. EXECUTIVE ORGANIZATION & COMPENSATION COMMITTEE CHARTER APPLIED INDUSTRIAL TECHNOLOGIES, INC. EXECUTIVE ORGANIZATION & COMPENSATION COMMITTEE CHARTER Primary respnsibility fr the rganizatin and cmpensatin f the Crpratin s executive management is vested in the

More information

Quick Reference Guide

Quick Reference Guide Quick Reference Guide Accunting Standard Update 2016-01 "Financial Instruments Overall: Recgnitin and Measurement f Financial Assets and Financial Liabilities" Why d I need this Quick Reference Guide?

More information

Sirtex Medical Limited Senior Executive Short Term Incentive Policy and Procedure

Sirtex Medical Limited Senior Executive Short Term Incentive Policy and Procedure Sirtex Medical Limited Senir Executive Shrt Term Incentive Plicy and Prcedure 1 Sirtex Medical Limited Shrt Term Incentive 1 Plicy 1.1 Purpse The primary purpse f the shrt term incentive (STI) is t acknwledge

More information

ABORIGINAL ECONOMIC PARTNERSHIPS Program Grant Application Guidelines

ABORIGINAL ECONOMIC PARTNERSHIPS Program Grant Application Guidelines ABORIGINAL ECONOMIC PARTNERSHIPS Prgram Grant Applicatin Guidelines Abriginal Ecnmic Partnerships Prgram (AEPP) grant funding supprts Indigenus cmmunities, cmmunity-wned businesses and nt-fr-prfit nn-gvernmental

More information

FORM 2. INDEPENDENT REGULATORY BOARD FOR AUDITORS (Established under Section 3 of Act 26 of 2005)

FORM 2. INDEPENDENT REGULATORY BOARD FOR AUDITORS (Established under Section 3 of Act 26 of 2005) FORM 2 INDEPENDENT REGULATORY BOARD FOR AUDITORS (Established under Sectin 3 f Act 26 f 2005) APPLICATION BY A FIRM FOR ADMISSION TO THE REGISTER OF AUDITORS (Fr applicatin in terms f Sectin 38(2)) and

More information

Generator Expectations During a Gas Curtailment or Operational Flow Order (OFO) User s Guide

Generator Expectations During a Gas Curtailment or Operational Flow Order (OFO) User s Guide Generatr Expectatins During a Gas Curtailment r Operatinal Flw Order (OFO) User s Guide Intrductin: On days when gas system reliability culd be at risk, the Lcal Distributin Cmpany (LDC), interstate r

More information

Financial reporting update. Christchurch Update, June 2017

Financial reporting update. Christchurch Update, June 2017 Financial reprting update Christchurch Update, June 2017 Agenda What s new fr 2017 Disclsure initiative Minr accunting standard changes PBEs Fr-Prfits Majr changes n the hrizn Disclsure Initiative The

More information

School Business Manager

School Business Manager Plicy Title: Risk Assessment Plicy Authr: Schl Business Manager Audience: Staff Reviewed by: Gvernrs Review frequency: Annual Reviewed when: Octber 2016 Risk Assessment Plicy Intrductin Nrthease Manr Schl

More information

Practice Review and Internal Audit Plan

Practice Review and Internal Audit Plan Office f the Auditr General f Canada Practice Review and Internal Audit Plan Lng-term audit plan, fiscal years 2009 10 t 2011 12 June 2009 Table f Cntents 1 Executive Summary 3 2 Intrductin 5 3 External

More information

Board Committee Charters

Board Committee Charters Charter Released by the Bard f Directrs f Snva Hlding AG n June 17, 2014. Audit Cmmittee ( AC ) Charter Art. 1: Purpse The Audit Cmmittee ( AC ) reviews n behalf f the Bard the wrk and effectiveness f

More information