Difference between revisions of "Internal Governance"
From Open Risk Manual
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* The lines of responsibility as defined in job descriptions | * The lines of responsibility as defined in job descriptions | ||
* The [[Risk Management]] processes as specified in internal policies and rules | * The [[Risk Management]] processes as specified in internal policies and rules | ||
| − | * [[Internal Controls | Internal control]] mechanisms as established by Risk Management and Audit functions | + | * [[Internal Controls | Internal control]] mechanisms as established by Risk Management and [[Internal Audit]] functions |
* [[Remuneration Framework | Remuneration policies]] and in particular the incentives created by those | * [[Remuneration Framework | Remuneration policies]] and in particular the incentives created by those | ||
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[[Category:Internal Governance]] | [[Category:Internal Governance]] | ||
| + | [[Category:Regulatory Compliance]] | ||
Latest revision as of 14:27, 4 October 2021
Definition
Internal Governance of a firm in the context of Risk Management is the formal (that means: explicit, written, agreed between all involved parties) set of structures, communication lines, procedures and rules. Also Risk Governance
Components
The components of internal governance are
- The organisational structure as defined e.g., in organizational charts
- The lines of responsibility as defined in job descriptions
- The Risk Management processes as specified in internal policies and rules
- Internal control mechanisms as established by Risk Management and Internal Audit functions
- Remuneration policies and in particular the incentives created by those
