✨ Risk Management Policies
27 FEBRUARY 2008
NEW ZEALAND GAZETTE, No. 40
993
(b) whether any such reviews were conducted by a party external to the banking group, ultimate parent bank, or ultimate holding company.
5 Internal audit function of banking group
(1) A statement whether the banking group has an internal audit function.
(2) If the banking group has an internal audit function, a statement describing—
(a) the nature and scope of the internal audit function, including type and frequency of audits; and
(b) the reporting responsibilities of internal audit; and
(c) whether there is a board audit committee, and if so, the nature and scope of that committee’s responsibilities.
6 Measurement of impaired assets
(1) The information in subclause (2), to the extent not otherwise disclosed to comply with paragraph 21 of NZ IFRS 7.
(2) A description of approaches followed for individual and collective allowance for impaired assets, and any statistical methods used in assessing asset impairment, including the following information:
(a) the circumstances and criteria under which financial assets are assessed individually; and
(b) the circumstances and criteria under which financial assets are assessed collectively with other financial assets; and
(c) the frequency of assessing impairment; and
(d) how recoverable amounts are calculated.
7 Credit risk mitigation
Where applicable, the following information, to the extent not otherwise disclosed to comply with paragraph 33 of NZ IFRS 7:
(a) the policies and processes for, and an indication of the extent to which the banking group makes use of on- and off-balance sheet netting; and
(b) whether the simple or comprehensive method is used to measure the mitigating effects of collateral; and
(c) the main types of guarantor and credit derivative counterparty and their creditworthiness; and
(d) any material market and credit risk concentrations that might arise as a result of the mitigation taken.
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Schedule 10
Supplementary risk management disclosure
Contents
Page
1 Additional information about credit risk.................................................... 994
2 Additional information about operational risk ........................................... 994
3 Controls surrounding credit risk rating systems......................................... 994
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 40
Gazette.govt.nz —
NZ Gazette 2008, No 40
✨ LLM interpretation of page content
💰
Schedule 9: Risk management policies
(continued from previous page)
💰 Finance & RevenueRisk management, Internal audit, Impaired assets, Credit risk mitigation
💰 Schedule 10: Supplementary risk management disclosure
💰 Finance & RevenueCredit risk, Operational risk, Credit risk rating systems