✨ Banking Risk Management Policies
30 AUGUST 2013 NEW ZEALAND GAZETTE, No. 121 3317
(iii) any policies on the use of financial instruments to mitigate or hedge risks; and
(iv) strategies and processes for monitoring the continuing effectiveness of hedges and other mitigants.
3 Capital adequacy
A summary discussion of the following matters, to the extent not otherwise disclosed to comply with paragraph 134 of NZ IAS 1:
(a) the registered bank’s banking group’s approach to assessing the adequacy of its capital to support current and future activities; and
(b) the role that directors and senior management take in the capital management process.
4 Reviews of banking group’s risk management systems
A statement as to—
(a) the nature and frequency of any reviews conducted in respect of the registered bank’s banking group’s risk management systems; and
(b) whether or not any such reviews were conducted by a party external to the registered bank’s banking group, ultimate parent bank, or ultimate holding company.
5 Internal audit function of banking group
(1) A statement on whether or not the registered bank’s banking group has an internal audit function.
(2) If the registered bank’s 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;
(b) the reporting responsibilities of the internal audit function; and
(c) whether or not there is a board audit committee or other separate board committee covering audit matters, 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;
(b) the circumstances and criteria under which financial assets are assessed collectively with other financial assets;
(c) the frequency of assessing impairment; and
(d) how recoverable amounts are calculated.
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NZ Gazette 2013, No 121
✨ LLM interpretation of page content
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Schedule 17—Full year Risk management policies
(continued from previous page)
💰 Finance & RevenueRisk management, Banking group, Financial instruments, Capital adequacy, Internal audit, Impaired assets