Summary by Moomoo AI
boc hong kong has updated its Risk Committee Terms of Reference, clearly defining the committee's objectives, roles, responsibilities, and operation mode. As a standing committee under the board of directors, the Risk Committee is mainly responsible for monitoring and supervising the risk exposure of boc hong kong and its subsidiaries. The committee's duties include establishing risk preferences and management strategies, identifying and managing significant risks, reviewing the adequacy of risk management procedures and internal controls, as well as monitoring compliance with risk policies. The management is responsible for day-to-day risk management work, operating within the risk tolerance standards and policies set by the committee. The committee members consist of non-executive directors and must have relevant technical expertise and experience. The committee holds at least four meetings annually and reports its work to the board of directors. The Terms of Reference become effective from the date of approval by the board of directors and will be revised as needed.
