UK: PRA updates its supervisory statement on internal governance

The Prudential Regulation Authority published several policy and supervisory statements yesterday: see here. Amongst them was a revised edition of Supervisory Statement 21/15, Internal Governance, which now includes sections for the chief risk officer and the risk committee: see here (pdf).

Ireland: Central Bank reviews corporate governance code for credit institutions and insurance undertakings

The Central Bank is undertaking a review of its corporate governance code for credit institutions and insurance undertakings: see here (pdf). A number amendments to the code are proposed including: requiring all institutions to appoint a chief risk officer; requiring the audit committee chairman to be a member of the risk committee and the risk committee chairman to be a member of the audit committee. Views are also sought on other matters including whether it is necessary to include a provision concerning board diversity.