Background:
The Board of Directors of a Non-Banking Financial Company (NBFC) is responsible for framing, approving and regularly updating the risk management framework and the risk management policy that is being practiced in an NBFC. The board should also regularly update itself on the strategy being adopted by the financial institution and robustness of the risk management system in place followed to evaluate the risks and materiality of outsourcing, and the policies that apply to such arrangements.
The Risk Management Committee of the board is also responsible to identify, control, and mitigate the risks associated with the business, and lay down procedures for managing and mitigating risks through integrated risk management systems, strategies, and mechanisms.
Objective:
The virtual program aims at updating the directors on the board of NBFCs with the extant regulations, expectations on conformity with corporate governance standards including composition of various committees highlighting their role and functions, and the periodicity of meetings etc. The program also aims at assisting the directors in understanding and making them more aware enabling them to discharging their roles and responsibilities more efficiently.
Program Highlights:
- Role and Responsibilities of Directors – Expectations of the regulator
- Issues and challenges of Directors – Mitigating challenges efficiently
- Role of Directors on various committees – Asking the right questions
- Developing an effective operational risk framework for stronger internal control