Whenever we are looking at a New Product Initiative (NPI), part of that review is a Risk Assessment. That assessment is shared across a broad group - all LOBs, potentially impacted or not, Risk, BSA, Audit, Exec Management, you name it, every corner of the bank is notified (i can't vouch if they are paying attention).
formal, or annual, risk assessments continue as always, the results of those is what it reported to the board.
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