The European Central Bank (ECB) has opened a public consultation on its draft guide concerning expectations regarding governance and risk culture, and its intentions to better supervise firms’ activities in this connection.
This Guide reflects ten years of supervisory experience and replaces the 2016 SSM supervisory statement. It outlines supervisors' expectations regarding the composition and function of management bodies and committees, the roles and responsibilities of internal control functions, and the design of risk appetite frameworks, emphasizing the importance of risk culture throughout. The Guide also incorporates updates from the European Banking Authority (EBA) and examples of good practices collected by the ECB.
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