05 Bankmed Committees

The Asset and Liability Committee (ALCO) provides significant oversight and governance of the balance sheet as per the requirements of the Banking Control Commission Circular 250. Its main objective is to monitor and manage the Bank’s assets and liabilities and verify compliance with the Lebanese Central Bank and Banking Control Commission policies and regulations.

Major Duties & Responsibilities

  • Manages the market and liquidity risks and funding resources;
  • Sets the Foreign Exchange position limits allowed on currencies for the Bank and its affiliates;
  • Designs the overall interest risk policy of the Bank and sets the ceilings and limits for the operations allowed, as well as verifies proper compliance and adherence to it.

The Executive Credit Committee (ECC) has the Bank’s wide responsibility for maintaining sound, effective credit risk management process. ECC is authorized to assess, review, and approve (within its limits) all the major credits and retail products offered by the Bank. Credit facilities comprise any form of credit, such as loans, letters of credit, guarantees, limits for foreign exchange transactions, and other commodities.

Major Duties & Responsibilities

  • Reviews, approves, and delegates approvals to other authorities (within its limits) of all the major credits;
  • Approves credit retail and consumer products offered by the Bank;
  • Approves Correspondent Banking lines and the allocation and placement of the Bank’s assets including shipments of cash to/from the Bank;
  • Ensures the classification of loans and the transfer of problematic loans to litigious accounts and/or to Remedial Management Division and the loans write-off.

The International Committee’s objective is to abide by the requirements of BDL Circular No.110 concerning the relationship between the Lebanese banks and financial institutions and their affiliates abroad as well as to oversee the financial condition, risks, and control measures taken by all the international affiliates and evaluate how well each affiliate has achieved its stated objectives.

Major Duties & Responsibilities

  • Monitors the international operations of the Bank as well as the progress toward achievement of the agreed upon goals and objectives;
  • Reviews and expresses an opinion on the financial position and business letters submitted by the affiliates;
  • Provides expertise in areas where Committee members have specific experiences;
  • Provides the Bank’s Board of Directors with an executive summary of all the Committee’s minutes of meetings and submit the quarterly business letters prepared by the affiliates;
  • Reviews the Internal Audit (IA) reports related to the affiliates and follows on the proper implementation of IA recommendations.

The Anti-Money Laundering and Countering Terrorist Financing Management Committee (AML/CTF) assesses the effectiveness of the Bank’s systems in fighting Money Laundry and Terrorism Financing activities and provides the Compliance and AML/CFT Committee with recommendations in this respect.

Major Duties & Responsibilities

  • Reviews the Guide for implementing the provisions of the law on Fighting Money Laundering and the provisions of these Regulations;

  • Ascertains the proper implementation and effectiveness of the AML/CTF procedures and regulations;

  • Reviews periodically the AML/CTF procedures and regulations and provides the related Board Committee with its recommendations to develop them in line with the latest best practices;

  • Reviews the reports submitted by the Compliance Unit and the Internal Audit Unit on adopted procedures, unusual operations and high-risk accounts, regarding certain activities.

The Information Technology (IT) Overseeing Committee  ensures that the Bank’s IT strategies, plans policies and projects conform to the business objectives of the whole Bank, and reviews IT operational efficiency.

Major Duties & Responsibilities

  • Prioritizes IT initiatives and projects across the business units and reviews progress;
  • Oversees IT deliverables and ensures that it has needed resources to perform its tasks;
  • Approves the IT Strategy and Operating Plan, annually and as updated;
  • Discusses IT service delivery and target improvements.

The Information Security Committee (ISC) determines the Information Security Policy as well as ensures the proper implementation of corrective measures recommended by the various internal control units in the Bank.

Major Duties & Responsibilities

To take the necessary measures to address and define the Information Security Policy and verify compliance with the general guidelines of IT Security mainly through:

  • Defining and aligning the Information Security Policy, scope, and applicability;
  • Ensuring the implementation of the recommendations and issues raised by the IT Security;
  • Providing guidance for IT Security Breaches and Incidents noted;
  • Reviewing and approving the Business Continuity Plan for the Bank.

The objectives of the Purchasing and Disbursing Committee are to decide on the disbursements for certain amounts, to approve purchases within certain limits, to qualify and determine suppliers and to inform senior management about the status of work-in-progress projects.

Major Duties & Responsibilities

  • Allocates and approves the disbursements for certain amounts of purchases;
  • Approves purchases of assets and Bank applications within certain limits;
  • Completes bidding and obtains offers from suppliers or service providers for intended purchases.

The Authorized Signature Granting Committee reviews requests to grant and modify authorized signatures to employees.

Major Duties & Responsibilities

  • Reviews applications and requests to grant (or Cancel) authorized signatures to/ from employees at the Bank;
  • Ensures proper segregation of duties and absence of conflict of interest in granting authorized signatures;
  • Ensures that the ethical and professional background of authorized signatories fit the predetermined criteria for holding such signatures.

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