The Board Risk Committee
The Board Risk Committee (“BRIC”) assists the Board in fulfilling its oversight responsibilities concerning management and control of the risks, risk frameworks, controls and processes associated with the Nordea Group’s activities, including credit, market, liquidity, business, life and operational risks, conduct and compliance, as well as related frameworks and processes.
The duties of the BRIC include reviewing and, where required, making recommendations on the Nordea Group’s risk and compliance governance, and reviewing the development of the Group’s internal control framework, including the risk management framework, in reference to the development of the Group’s risk profile and changes in the regulatory framework. In addition, the BRIC reviews and makes recommendations regarding the Group’s risk appetite and market and liquidity risks. Furthermore, the BRIC reviews resolutions made by a Group entity concerning credit or credit limit above certain amounts, as well as strategic credit policy matters and the development of the credit portfolio.
Members of the BRIC are Nigel Hinshelwood (Chair), Claudia Dill, Petra van Hoeken and Birger Steen. The Chief Risk Officer, the Chief Compliance Officer, the Chief Audit Executive and the President and Group CEO, are regular attendees at the meetings, with the right to participate in discussions but not in decisions.
The Board annually appoints the Chair and members of the BRIC. The BRIC must have at least three committee members, who are members of the Board. The Chair of the BRIC may not be the Chair of the Board or of any other Board Committee. The BRIC shall be composed of members of the Board who are not employed within the Nordea Group. The majority of the members of the BRIC, including the Chair, are to be independent. Members of the BRIC shall have, individually and collectively, appropriate knowledge, skills and expertise concerning risk management and control practices. Nordea follows the legal requirements and complies with the Code and the New Code.