ØThe primary purpose
of monitoring and assessment of risk by bank management determines whether
risks still exist, whether new risks have arisen, whether the likelihood or
impact of risks have changed, and to reassess the risk priorities within the
internal and external context of the bank. It helps to get feedback with regard to assurance over the
efficiency and effectiveness of controls implemented to treat risks. It
enables the bank to analyse and learn lessons from event successes, failures
and near misses.
ØRisk
management committee of the bank is responsible for monitoring and reporting
which are clearly defined,and those results are documented and shared with all
appropriate internal and external stakeholders. This includes sharing
experiences and better practices internally and across government.
ØRisk
management unit of bank uses the results of monitoring and reviewing the risk
management process as input to the review of the risk management framework.
This enables continuous improvement of the risk management process and
framework, which will lead to improvements in the bank’s management of risk
and its organizational risk culture.
Periodic Monitoring and Assessment