Should the board of directors approve and review all the business strategies and policies?
Question: Should the board of directors approve and review all the business strategies and policies?
Answer: The Board is responsible for:
Understanding risk limits and setting acceptable ones for the institution's major business activities.
Establishing organizational control structure.
Making sure senior management identifies, measures, monitors, and controls risks.
Monitors internal control adequacy and effectiveness.
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First published on BankersOnline.com 3/14/11