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Audit Committee

The primary responsibility of the Audit Committee is to oversee and assist the Board in fulfilling its oversight role of:

  • the Bank’s accounting policies, financial reporting and disclosure controls and procedures;
  • the quality, adequacy and scope of the statutory auditor;
  • the Bank’s compliance with financial reporting requirements;
  • the executive’s approach to internal controls with respect to the production and integrity of the financial statements and disclosure of the financial performance;
  • the performance and effectiveness of internal audit.
Members:
  • Mr. Bruno Oppliger, Chairman of the Audit Committee
  • Mr. Denis Kamyshev, Member of the Audit Committee
  • Mr. Urs Kloeti, Member of the Audit Committee
  • Mr. Christopher Barrett, Member of the Audit Committee

The scopes and responsibilities of the Audit Committee are outlined in the Terms of References, which have been approved by the Board. The Audit Committee itself does not perform audits.

Risk Committee

The function of the Risk Committee is to oversee and support the BoD in fulfilling its duty to supervise and set an appropriate risk management and control framework in the areas of:

  • risk policy and risk management framework, which includes the Bank’s capital and liquidity planning and reporting, monitoring the implementation of risk strategies and the compliance function;
  • supervision and control over the EMB and to ensure that there are both, an appropriate risk and control environment and an effective internal control system;
  • responsible for the preparation, presentation and integrity of the risk related topics.
Members:
  • Dr. Wolfram Kuoni, Chairman of the Risk Committee and Vice-Chairman of the Board
  • Mr. Christopher Barrett, Member of the Risk Committee
  • Mr. Urs Kloeti, Member of the Risk Committee
  • Mr. Oleg Vaksman, Member of the Risk Committee and Chairman of the Board

The scopes and responsibilities of the Risk Committee are outlined in the Terms of Reference.

Audit

Audit is an integral part of corporate governance of the Bank. Both, external and internal auditors play key roles in providing an independent assessment of the Bank’s operations and internal controls. The Audit Committee and Board of Directors of the Bank supervise the adequacy of audit work performed.

  • External Audit
    KPMG Switzerland (“KPMG”) is an external auditor since 2010. The Audit Committee monitors and pre-approves the fees to be paid to KPMG for its services. Audit work includes financial and regulatory audits, as well as other assurance services that can be provided by the principal auditor. KPMG provides its independent report to the Audit Committee at least once a year.
  • Internal Audit
    The Internal Auditor performs an independent and objective assurance and consulting function that is designed to add value to our operations. To maximize its independence from the management, the Internal Audit is performed by Ernst & Young Switzerland (“EY”), which assesses the effectiveness of the Bank’s internal controls system, compliance with statutory, legal and regulatory requirements. Based on the results of its assessment, E&Y develops detailed annual audit objectives, defining areas of audit concentration and specifying resource requirements for approval by the Audit Committee. All findings and issues are communicated to the management and to the BoD. E&Y reports to the Audit Committee at least quarterly and more frequently if appropriate. The Internal Auditor coordinates its activities with the External Auditor to maximize the output.