INTERNAL USE ONLY

MEMO

Date: 25 June 2021

From: Risk Management & Compliance
To: Management Committee (MANCO)
Subject: Risk Management & Compliance update – 28 June 2021.

A. RISK MANAGEMENT ACTIVITIES REPORT

S/N Risk Domain Activities/ Current Updates

1. Risk Governance
✓ Q3 2021 Group Risk Stakeholders Committee (GRSC) Meeting
and oversight.
o The third quarter 2021 GRSC meeting is scheduled to hold on
9 July 2021.
o Notification has been sent to all members and attendees
whilst a call for presentation was also made by the
secretariat.
o HOLDCO Risk presentation is being finalized
2. Risk Monitoring and
✓ Monthly Enterprise Risk Appetite Dashboard Report for May
reporting
2021.
o All information needed to conclude the May 2021 report
were received from operating entities.
o The team is currently finalizing the report for management.
3. Board Committee
✓ Attendance to the extra-ordinary BARAC meeting
meeting
o The HoD attended an extra-ordinary BARAC meeting on 17
June 2021.

4. Risk Limit
✓ Bi-monthly Circulation of Large Exposure Database to SubCos
Monitoring
(June 2021)
o Report for the first two weeks of June 2021 has been finalized
with material risk issues identified and discussed with the
CROs of the operating entities.
5. Counterparties Risk
✓ Deposit Placement Limit (DPL)
Monitoring
o Weekly rendition of DPL reports by the SubCos was sustained
to ensure compliance with limits.
o No breach has been recorded in June 2021.
6. Risk Identification,
✓ Update on HoldCo Risk & Control Self-Assessment (RCSA)
Quantification,
Monitoring and o Input were received from all the departments. The final
Mitigation report is being worked on.

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7. Inter-Departmental
✓ Submission of Risk Management and Compliance Report
Collaboration
Expectations from Subsidiaries
o List of all Risk Management and Compliance Reports from
subsidiaries were submitted to Finance Department as
requested.

B. COMPLIANCE ACTIVITIES REPORT

S/N Activity Update

1 Regulatory SECURITIES & EXCHANGE COMMISSION
Developments
✓ SEC has released the following Proposed Summary of Sundry
Amendments
i. Proposed Amendment to the National Investor
Protection Fund (NIPF) Rules.
ii. Proposed Amendment to Rule 107: Custody and
Transfer of Unclaimed Monies

o All comments and input should be forwarded by e-mail

to the Secretariat, Rules Committee of the Commission,
at rulescommittee@sec.gov.ng or by letter addressed to
the Director-General, SEC, not later than two (2) weeks
from date of publication.

2. Regulatory ✓ NAICOM is carrying out the Risk Based Examination of FBN

Interaction Insurance Brokers for the years 2019/2020. Preliminary
documents have been provided to the team whilst
engagements are ongoing between the NAICOM officials
and relevant staff of Brokers.
✓ Review of export proceeds is being carried out in the banking
subsidiaries.
✓ AML/KYC examination is ongoing in the banking subsidiaries.

3, Banking Subsidiaries CBN directive on Enhanced Due Diligence (EDD)

✓ Customers data validation concluded and response to CBN
ready for transmission before the close of business on Friday
25th.

Thank You.

SHITTU Idris
Head, Risk Mgt & Compliance