Common use of INTEREST RATE RISK POLICY Clause in Contracts

INTEREST RATE RISK POLICY. (1) Within ninety (90) days, the Board shall revise its interest rate risk policy. Within that ninety (90) day period the Board will adopt, implement, and thereafter ensure Bank adherence to the written interest rate risk policy. In formulating this policy, the Board shall refer to the Interest Rate Risk booklet, L-IRR, of the Comptroller’s Handbook. The policy shall provide for a coordinated interest rate risk strategy and, at a minimum, address: (a) the establishment of adequate management reports on which to base sound interest rate risk management decisions; (b) establishment and guidance of the Bank’s strategic direction and tolerance for interest rate risk; (c) implementation of effective tools to measure and monitor the Bank’s performance and overall interest rate risk profile; (d) prudent limits on the nature and amount of interest rate risk that can be taken; and (e) periodic review of the Bank’s adherence to the policy. (2) Upon adoption, a copy of the written policy shall be forwarded to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.

INTEREST RATE RISK POLICY. (1) Within ninety sixty (9060) days, the Board shall revise its interest rate risk policy. Within that ninety (90) day period the Board will adopt, implement, and thereafter ensure Bank adherence to the an updated written interest rate risk policy. In formulating this policy, the Board shall refer to the “Interest Rate Risk booklet, L-IRR, Risk” booklet of the Comptroller’s Handbook. The policy shall provide for a coordinated interest rate risk strategy and, at a minimum, address:Handbook and OCC Bulletin (a) the establishment of adequate management reports on which to base sound interest rate risk management decisions; (b) establishment and guidance of the Bank’s strategic direction and tolerance for interest rate risk; (c) implementation of effective tools to measure and monitor the Bank’s performance and overall interest rate risk profile; (d) employment of competent personnel to manage interest rate risk; (e) prudent limits on the nature and amount of interest rate risk that can be taken; and (ef) periodic review of the Bank’s 's adherence to the policy. (g) the establishment of adequate model validation and back-testing policies, procedures and processes. (2) Upon adoption, a copy of the written policy shall be forwarded to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.

INTEREST RATE RISK POLICY. (1) Within ninety seventy-five (9075) days, the Board shall revise its interest rate risk policy. Within that ninety (90) day period the Board will adopt, implement, and thereafter ensure Bank adherence to the a written interest rate risk policy. In formulating this policy, the Board shall refer to the Interest Rate Risk booklet, L-IRR, of the Comptroller’s Handbook. The policy shall provide for a coordinated interest rate risk strategy and, at a minimum, address: (a) the establishment of adequate management reports on which to base sound interest rate risk management decisions; (b) establishment and guidance of the Bank’s strategic direction and tolerance for interest rate risk; (c) implementation of effective tools to measure and monitor the Bank’s performance and overall interest rate risk profile; (d) employment of competent personnel to manage interest rate risk; (e) prudent limits on the nature and amount of interest rate risk that can be taken; and (ef) periodic review of the Bank’s 's adherence to the policy. (2) Upon adoption, a copy of the written policy shall be forwarded to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.

INTEREST RATE RISK POLICY. (1) Within ninety one-hundred-twenty (90120) days, the Board shall revise its interest rate risk policy. Within that ninety (90) day period the Board will adopt, implement, and thereafter ensure Bank adherence to the a written interest rate risk policy. In formulating this policy, the Board shall refer to the Interest Rate Risk booklet, L-IRR, of the Comptroller’s Handbook. The policy shall provide for a coordinated interest rate risk strategy and, at a minimum, address: (a) the establishment of adequate management reports on which to base sound interest rate risk management decisions, including procedures to ensure that: (i) data used in creating such reports are accurate, and (ii) assumptions used in the interest rate risk model process are reasonable; (b) establishment and guidance of the Bank’s strategic direction and tolerance for interest rate risk; (c) implementation of effective tools to measure and monitor the Bank’s performance and overall interest rate risk profile, including tools which measure income-at-risk; (d) employment of competent personnel to manage interest rate risk; (e) prudent limits on the nature and amount of interest rate risk that can be taken, including but not limited to the establishment of income-at-risk limits; and (ef) periodic review of the Bank’s 's adherence to the policypolicy and established risk limits. (2) Upon adoption, a copy of the written policy shall be forwarded to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.