The Risk Committee to the Board of Directors draws its significance from the fact that banking operations inevitably involve addressing diverse types of risks, and in order to enable the Board to address all kinds of risks, it is imperative to make adequate and related information based on professional and scientific analysis available to the board, and such information is to be provided by the Risk Committee in coordination with the Group's Risk Management. The Committee derived its legitimacy from the Board's authority in accordance with the Rulebook issued by the CBB. The Committee is empowered to review and evaluate the policies and strategies of the Group's Risk Management, specifically the following:
- Financing, Investment and assets quality.
- Credit Risk including Financial Centers.
- Reserves and provisions’ positions.
- Efficiency of Insurance policies in covering risks.
- Group's Capital Adequacy.
The Risk Committee shall be formed to assist the Board of Directors and Management in managing risks within all the Units of Al Baraka Group.
For more detailed information about the Committee’s duties, powers, and the periodicity of its meetings, please refer to the Group’s approved Corporate Governance Code at the following link