When I came into my role, I had nothing to tell me what my committee should be doing. The Guidance will be a very valuable yardstick to help me assess my Committee’s performance.
As someone who is required to provide professional opinions on the effectiveness of risk governance, risk management and risk functions, the key challenge is the limited availability of authoritative guidance to benchmark or evaluate their effectiveness – so I am very supportive of your initiative.
When I left my previous CRO role, I was interviewed by the regulators and asked what I had felt was missing in undertaking my role. My response was having clear guidance about what a risk function should be doing.
Having a guide like this to help assess where we stand against our own assessment and against other major banks would be extremely useful.
The guidance would have made easier my job of monitoring the standards and quality of risk management in supervised firms.