Risk Management at Piraeus Financial Holdings
Piraeus Financial Holdings places particular emphasis on the effective monitoring and management of risk, at individual and group level with a view to maintain stability and continuity in its operations. In this context, the competent bodies of the Group regularly monitor and assess the Group Business Strategy by defining, monitoring and managing risk and distinguish transactions and customers by level of risk. The Group competent bodies determine the appropriate maximum acceptable limits of risk-taking overall by each type of risk, refining each of these limits; set limits for discontinuing loss-making activities and take other corrective actions.
Piraeus Financial Holdings assures the establishment and implementation of reliable, effective and comprehensive policies and procedures in order to assess and maintain on an ongoing basis the amount, composition and distribution of its equity, in relation to the level and nature of risk that the Group management each time deems adequate to cover and undertake. Piraeus Financial Holdings Risk Management internally reviews these policies and procedures on a regular basis to ensure that they remain comprehensive, adequate and proportionate to the nature, extent and complexity of the Group current activities.
Piraeus Financial Holdings Risk Officer is independent with direct reporting to the Risk Committee to which provides unbiased risk oversight and update on the level and the management of risks, the compliance with the adopted risk policies, the risk assessment results, the functioning of the risk management and response processes to the identified risks and the results of the risk monitoring process.