OREANDA-NEWS. July 02, 2013. The CBA keeps improving the regulatory framework of banking supervision in harmony with the strategic targets and covering every vital risk type with prudential requirements. To that end, the CBA has revised Regulations on Risk Management and launched discussions with the banking society.

The key changes in the new version of Regulations aim more effective risk management in banks, including detailed set up of the risk strategy, efficient participation of the risk management function in decisionmaking, establishment of Chief Risk Administrator position and his/her duties and responsibilities, as well as expansion of tools arsenal of the risk management and determination of a new reporting regime.

To note, the CBA’s systemic measures of recent years have resulted in application of corporate governance standards adjusted to the best practices, a broader scope of risk management experience in banks and elevation of the significance of the risk function.