Board Risk and Compliance
The Board Risk and Compliance Committee acts as a second line of defence to the Society’s risk management framework. The Committee assists the Board in fulfilling its oversight responsibilities by receiving regular reports from the Management Committees which enables the Committee to assess the risks involved in the firm’s business (including those risks that would threaten its business model, future performance, solvency or liquidity) and to consider the principal risks identified by management and consider if they are appropriate.
It reviews the Society’s Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP). The Committee is responsible for ensuring the Society complies with the Board’s Risk Tolerance and Culture Policy. It also reviews the Society’s future risk strategy for economic, capital, liquidity, reputational and operational risk profiles.
The Board is here to ensure our long term sustainability for the good of our members. We do this by setting our strategy to ensure we meet the needs of our members and regulators, remain competitive and deliver our services appropriately with a profit to help build our capital over the long term. The Board formulates our strategy, reviews business performance, oversees the identification and management of risks, adherence to laws and regulations and ensures that the required controls are in place and aligned to our strategy.
The results achieved by the Society over recent years are a testament to the Board’s effectiveness. The Non-Executive Directors of the Society are drawn from a wide range of backgrounds to ensure that the Board has the appropriate skills, knowledge and experience to provide a robust level of challenge and debate. The role requires an understanding of the risks in business, commercial leadership within a framework of prudent and effective risk management controls and the ability to monitor performance and resources whilst providing support to the Executive in developing the Society. The Non-Executive Directors are independent in character and judgement, are free of any relationship or circumstance which could interfere with the exercise of their judgement.
In an uncertain and changeable world, it is important that we stay focused on our key objectives. We enter the next financial year at a point at which we are almost able to benefit fully from the new IT system that members will be aware has taken so long to put in place and which has absorbed so much time from our senior team.
We are looking forward to exploring the opportunities to improve further the efficiency of our internal processes, to improve turnaround times in mortgage processing and enable the delivery of a service to members which is right first time.
Together with the strengthened position in the mortgage market and with our selected brokers we are in a strong position for 2017 and will continue to build our mortgage base. With the prospect of a new flagship branch in Ipswich and new members of our senior team to lead the business, the prospects for 2017 look exciting.