Internal Control System

Internal Control System

The Internal Control System (ICS) of ABBank includes all auditing mechanisms and procedures that at any given moment cover all activities and contribute to the effective and secure operation of the Bank. The Board of Directors of the Bank supervises the Internal Control System, while the Bank Management is exclusively responsible for adopting and maintaining an appropriate Internal Control System. It is also responsible for preventing and early revealing any misconduct and irregularity, which is achieved with the use of judgments and assumptions necessary for evaluating the potential  benefits and the respective costs of installing an adequate number of control points. The Internal Control System aims to ensure the Board of Directors and the Bank’s Management that the Bank operates in accordance with its objectives and policies, the assets of the Bank are sufficiently protected from any possible damage or destruction or uncontrollable use, the Bank operates in accordance with the regulations and the relevant legislation, the transactions are carried out after they have received the relevant approvals from the appropriate approving bodies and are timely and correctly registered so that financial statements can be accurately prepared.      

Risk Management

The Risk Management Unit of ABBank is generally responsible for detecting, measuring, monitoring and controlling risks as well as for submitting reports on the exposure of the Bank to risks. The Risk Management Unit is independent of the other business units. It has access to the entire Bank structure and is managed by the Chief Risk Officer (CRO). The Risk Management Unit focuses on strictly following policies and procedures, globally managing the different types of risks as well as on specifying the acceptable level of risk-taking when business decisions are taken and business objectives are set.      

Internal Audit

The main role of Internal Audit Unit in ABBank is the independent, reasonable and objective confirmation given to the Board of Directors and the Bank’s Management that the objectives of the Internal Control System have been achieved. The role of the Internal Audit Unit is to help the Bank achieve its objectives by adopting a systematic and strict approach in order to assess and improve the effectiveness of risk management procedures, the means for control and corporate governance. The Internal Audit Unit reports to the Board of Directors of the Bank through the Audit Committee.

Compliance

The Compliance Unit was established within the framework of implementing the rules of the international regulatory framework BASEL II and the provisions of the Act of the Director of the Bank of Greece 2577/9.3.2006 as an independent administrative unit that is assigned with the task of implementing the policy introduced by the Board of Directors of the Bank on its compliance with any applicable legislative and regulatory framework. The Compliance Unit has full access to all the data and information necessary for fulfilling its duties and is managed by a specially appointed person (Chief Compliance Officer), who is adequately aware of banking and investment activities.