Supervision of individual risk factors Sample Clauses

Supervision of individual risk factors. The following summary defines the main risks facing financial undertakings and specifies which institution is responsible for monitoring them. An entity that monitors risk pledges to prepare, twice a year, a summary of the status of risk factors that it supervises. In areas where responsibility for monitoring and supervision overlap, risk assessment groups shall operate and the supervisory entities shall make available an assessment of risk, together with recommended responses. In assessing risk and recommending responses, the supervisory entities shall take a position on systemic risk in particular. Included here is a summary defining the main risks facing financial undertakings and specifying which institution is responsible for monitoring them. There will be four risk assessment groups: a foreign exchange risk assessment group, a funding risk assessment group, a settlement and payment intermediation risk assessment group, and a special micro/macro risk assessment group whose task is to analyse risk related to the operations of individual financial undertakings, on the one hand, and systemic risk, on the other. The groups shall divide tasks amongst themselves and shall coordinate monitoring of foreign exchange risk, liquidity risk, settlement risk, and payment intermediation. In dividing up tasks and coordinating the committees’ work, it should be noted in particular that both institutions carry out off-site monitoring, while the FME also conducts on-site inspections. The FME’s monitoring the above risks is a part of risk management monitoring and internal audit of supervised entities and will be useful to the Central Bank in following up on the precautionary rules set by the Bank. Risk of financial undertakings Monitored by Central Bank Monitored by the FME Risk assessment groups Credit risk X - including large exposures X - including other concentration risk X Market risk X - including derivatives X Risk due to asset-liability mismatches X - including foreign exchange risk X X X Funding risk X - including liquidity risk X X X - including capital adequacy X Operational risk X - including legal risk X Systemic risk Micro/macro X X X Payment and settlement systems X - including oversight X - including monitoring of systems X X - including monitoring of entities X X
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