a. Governance and
Organizational Structure
ØThe ultimate
responsibility for the management of risk at central bank rests on the Board
of Directors and their involvement in the key aspects of the risk management
process is essential, particularly in setting the parameters of the process
and in the review and consideration of the result.
Ø
ØThe board of directors
is likely to delegate elements of the risk management to a committee but they
are responsible for the key aspects and results.