3.1.1 Board of Directors
Name Meetings Attended
------------------- --------- ---------
A M T Mutsonziwa 2 2
------------------- --------- ---------
B P Washaya 2 2
------------------- --------- ---------
B Ndachena 2 2
------------------- --------- ---------
J A Mushore 2 2
------------------- --------- ---------
B W Madzivire 2 2
------------------- --------- ---------
M Mudukuti 2 1
------------------- --------- ---------
L Majonga (Ms) 2 2
------------------- --------- ---------
Dr J T Makoni 2 nil
------------------- --------- ---------
T N Mundawarara 2 2
------------------- --------- ---------
J Chigwedere 2 2
------------------- --------- ---------
J de la Fargue 2 2
------------------- --------- ---------
J Chenevix-Trench 2 2
------------------- --------- ---------
L Chinyamutangira 2 2
------------------- --------- ---------
F S Mangozho 2 2
------------------- --------- ---------
F Zimuto 2 2
------------------- --------- ---------
3.1.2 Audit Committee
Name Meetings Attended
--------------------- --------- ---------
Mr B W Madzivire 2 2
--------------------- --------- ---------
Mr A M T Mutsonziwa 2 2
--------------------- --------- ---------
Ms L Majonga 2 2
--------------------- --------- ---------
Mr J de la Fargue 2 2
--------------------- --------- ---------
3.1.3 Risk Management Committee
Name Meetings Attended
------------------- --------- ---------
Mr J Chigwedere 2 2
------------------- --------- ---------
Ms L Majonga 2 1
------------------- --------- ---------
Mr B P Washaya 2 2
------------------- --------- ---------
Mr J de la Fargue 2 2
------------------- --------- ---------
Mr J A Mushore 2 1
------------------- --------- ---------
Mr F S Mangozho 2 2
------------------- --------- ---------
Mr F Zimuto* 1 1
------------------- --------- ---------
* Mr F Zimuto became a member of the Committee with effect from
4 March 2011.
3.1.4 Asset and Liability Management Committee (ALCO), Finance
& Strategy Committee
Name Meetings Attended
---------------------- --------- ---------
Mr T N Mundawarara 2 2
---------------------- --------- ---------
Mr B P Washaya 2 2
---------------------- --------- ---------
Mr B Ndachena 2 2
---------------------- --------- ---------
Mr J A Mushore 2 1
---------------------- --------- ---------
Mr J Chenevix-Trench
(alternate J de
la Fargue) 2 1
---------------------- --------- ---------
Mr J Chigwedere 2 2
---------------------- --------- ---------
Mr F S Mangozho 2 2
---------------------- --------- ---------
Mr L Chinyamutangira 2 2
---------------------- --------- ---------
Mr F Zimuto* 1 1
---------------------- --------- ---------
Dr J T Makoni 2 nil
---------------------- --------- ---------
*Mr F Zimuto became a member of the Committee with effect from 4
March 2011.
3.1.5 Loans Review Committee
Name Meetings Attended
--------------------- --------- ---------
Mr A M T Mutsonziwa 2 2
--------------------- --------- ---------
Mr M Mudukuti 2 2
--------------------- --------- ---------
Mr J de la Fargue 2 2
--------------------- --------- ---------
3.1.6 Human Resources & Remuneration Committee
Name Meetings Attended
---------------------- --------- ---------
Mr M Mudukuti 2 1
---------------------- --------- ---------
Mr B Madzivire 2 2
---------------------- --------- ---------
Mr T N Mundawarara 2 2
---------------------- --------- ---------
Mr J Chenevix-Trench 2 2
---------------------- --------- ---------
Dr J T Makoni 2 nil
---------------------- --------- ---------
Mr J A Mushore 2 2
---------------------- --------- ---------
Mr A M T Mutsonziwa 2 2
---------------------- --------- ---------
Mr F Zimuto* 2 1
---------------------- --------- ---------
*Mr F Zimuto became a member of the Committee with effect from 4
March 2011.
4. RISK MANAGEMENT
In the ordinary course of business the Bank manages risks of all
forms. The risks are identified and monitored through various
channels and mechanisms.
The Board of Directors has overall responsibility for the
establishment and oversight of the Bank's risk management
framework. The Board has established the Asset and Liability
Management Committee (ALCO) and Risk Committee, which are
responsible for developing and monitoring Bank risk management
policies in their specified areas. The Bank has a Risk Management
department, which reports to the Managing Director and is
responsible for the management of the overall risk profile.
The Bank's risk management policies are established to identify
and analyse the risks faced by the Bank, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits.
Risk management policies and systems are reviewed regularly to
reflect changes in market conditions, products and services
offered.
The Bank Risk Committee which is responsible for monitoring
compliance with the Banks risk management policies and procedures,
and for reviewing the adequacy of the risk management framework in
relation to the risks faced by the Bank, is assisted in these
functions by Internal Audit. Internal Audit undertakes both regular
and ad-hoc reviews of risk management controls and procedures, the
results of which are reported to the Audit Committee and the Risk
Committee.
The Bank's main objective is to contain the risk inherent within
the financial services sector and to ensure that the Bank's various
risk profiles are understood and appropriately managed to the
benefit of customers, shareholders and other stakeholders.
4.1 Credit risk
Credit risk is the risk that a financial contract will not be
honored according to the original set of terms. The risk arises
when borrowers or counterparties to a financial instrument fail to
meet their contractual obligations. The Board has put in place
sanctioning committees which operate according to the amount
requested by an applicant. The Credit Risk Management department
reviews all applications. This initial review allows only those
applications that do not unduly expose the Bank to credit risk to
be considered by the sanctioning committees.
4.1.1 Management of credit risk
The Board has delegated responsibility for the management of
credit risk to its Loans Review Committee. The Credit Risk
Management department which also reports to the Loan Review
Committee is responsible for oversight of the Bank's credit risk,
including:
-- Formulating credit policies in consultation with business
units, covering collateral requirements, credit assessment, risk
grading and reporting, documentary and legal procedures, and
compliance with regulatory and statutory requirements
-- Establishing the authorization structure for the approval and
renewal of credit facilities. Facilities require authorization by
Head of Credit Risk, Executive directors, Board Credit Committee or
the Board of Directors depending on amount as per set limits.
-- The Credit Risk department assesses all Credit exposures in
excess of designated limits, prior to facilities being committed to
clients by the business unit concerned. Renewals and reviews of
facilities are subject to the same review process.
-- Limiting concentrations of exposure to counter parties and
industry for loans and advances.
-- Maintaining and monitoring the risk gradings as per the RBZ
requirement in order to categorise exposures according to the
degree of risk of financial loss faced and to focus management on
the attendant risks.
-- The current risk grading framework consists of five grades
reflecting varying degrees of risk of default and the availability
of collateral or other credit risk mitigation.
-- Reviewing compliance of business units with agreed exposure
limits, including those for selected industries.
-- Providing advice, guidance and specialist skills to business
units to promote best practice throughout the Bank in the
management of credit risk.
4.2 Market risk
This arises from adverse movements in the market place, which
occur in the money market (interest rate risk), foreign exchange
and equity markets in which the Bank operates. The Bank is
currently developing VaR (Value at Risk) model which will be used
to manage and monitor the market risk for the trading
portfolio.
The Bank has in place an Asset and Liability Management
Committee (ALCO), which comprises the departmental heads of Risk,
Treasury, Corporate and Retail banking and Finance, in addition to
executive directors. The committee monitors these risks and
recommends the appropriate levels to which the Bank should be
exposed at any time. The approval of all dealing limits ultimately
rests with this committee.
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