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The volatility faced by banks and other financial institutions has emphasised that risk management is key to being at the forefront of today’s financial landscape. As a process it is critical that risk management is at all times embedded, but evolving in nature so that it remains dynamic and relevant to the business of the group.
Nedbank’s three-lines-of-defence strategy has played a significant role in implementing strong risk governance, which is applied pragmatically and consistently as the foundation for successful risk management.
The three-lines-of-defence concept forms the backbone of the Enterprisewide Risk Management Framework (ERMF), which has been instrumental in assisting the group in weathering the international financial storm. It incorporates a strong sense of accountability, responsibility, independence, reporting, communications and transparency, both internally and with all key external stakeholders.
In recognition of the success of Nedbank’s risk strategy the Institute of Risk Management South Africa (IRMSA) for the second consecutive year recognised Nedbank for having the Most Effective Company Risk Management Programme.
Click here to read the full Risk and Capital Management report in the 2008 Nedbank Group Annual Report.
| This page was updated on 25 June, 2009 |  Return to top |
