Board Risk Committee (BRC)

Francesco de Zwart
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Francesco de Zwart: University of Adelaide

Chapter Chapter 43 in The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia, 2022, pp 1125-1151 from Springer

Abstract: Abstract Chapter 43 of the Stage 2 Key Code and Advanced Handbook examines the Board Risk Committee (BRC) beginning with the requirements for ASX listed entities and APRA’s Prudential Standard CPS 510 Governance. We review the non-executive director number, time commitment and number of meetings for the BRC and review the Walker Review 2009 variables for establishment of the BRC. Section 2 reviews the nature of risks and responsibilities monitored by the BRC including ‘fundamental prudential risks’ and other risks. There follows the responsibilities of the BRC proposed by Walker Review 2009, BCBS Guidelines 2015, NAB Self-Assessment 2018, Westpac Review Team 2018 and the ASIC Governance Taskforce 2019. We recognise the ASIC Governance Taskforce 2019 discussion on the “Emerging Issue: Implications of changing BRC membership and attendance patterns” and “full board attendance at BRC meetings”. We conclude with APRA’s failings in operation, reporting and reliance on key individuals of the BRC and Westpac reporting to the BRC.

Keywords: Board Risk Committee (BRC); ASX; APRA Prudential Standard CPS 510 governance; NED number and time commitment; Number of meetings for BRC; Risks monitored by BRC; Responsibilities of BRC; Failings in BRC operation and reporting; Key individuals (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-1710-2_43

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DOI: 10.1007/978-981-16-1710-2_43

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