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Risk Policy Committee Charter
Mission
The Risk Policy Committee is responsible for oversight of the CEO's and senior management's responsibilities to assess and manage the corporation's credit risk, market risk, interest rate risk, investment risk, liquidity risk and reputational risk, and is also responsible for review of the corporation's fiduciary and asset management activities.
The corporation's Chief Risk Officer reports to the CEO and is accountable to the Board of Directors, primarily through the Risk Policy Committee.
Authorities and responsibilities
The Risk Policy Committee is responsible for oversight of the CEO's and senior management's responsibilities to assess and manage the corporation's credit risk, market risk, interest rate risk, investment risk, liquidity risk and reputational risk. In performing this oversight, the Risk Policy Committee shall:
- review with management guidelines and policies to govern the process for assessing and managing such risks.
- review benchmarks for and major financial risk exposures from such risks.
- receive and review reports from management of the steps it has taken to monitor and control such exposures.
- review management's performance against these policies and benchmarks.
- receive and review reports on selected risk topics as management or the Committee deems appropriate from time to time.
- meet not less than semi-annually with the Audit Committee on topics of common interest.
- meet, through one or more members, not less than annually with the Compensation & Management Development Committee of the Board of Directors to assist that committee in its review of the corporation's compensation practices and the relationship among risk, risk management and compensation in light of the corporation's objectives, including its safety and soundness and the avoidance of practices that would encourage excessive risk.
- approve and periodically review the corporation's Risk Appetite Policy, and review actual or forecast results exceeding risk appetite tolerances.
- approve and annually review the corporation's policies (the "Global Primary Risk Policies") with respect to Risk Management Governance, Capital Management, Liquidity Risk Management, Wholesale Credit Risk Management, Consumer Risk Management (Retail Financial Services and Card Services), Market Risk Management, Principal Risk, Operational Risk Management, and Reputational and Fiduciary Risk Management.
- review the corporation's capital allocation.
- review reports from management about liquidity risks of the corporation and review guidelines and changes to existing liquidity and funding guidelines.
- review reports of significant issues prepared by internal risk oversight functional groups, including reports describing the corporation's credit risk profile, including information about concentrations and limits excesses.
The committee is also responsible for oversight of the corporation's fiduciary and asset management activities, and in that capacity it reviews the oversight structure for fiduciary activities, reviews general policies and receives reports regarding these activities.
The Risk Policy Committee shall review, at least annually, the committee's charter and recommend any proposed changes to the Board for approval. The Risk Policy Committee shall prepare, and report to the Board the results of, an annual performance evaluation of the committee, which shall compare the performance of the committee with the requirements of this charter.
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