Bluestep Bank has three independent control functions to support the Board, the Chief Executive Officer and the operational functions to ensure that Bluestep Bank is conducting the business and operations in accordance with applicable laws and regulations as well as internal policies and instructions.
Risk Management function
The Risk Management function is independent from the operational business and support functions and is responsible for the risk management framework. The Risk Management function ensures that risks that Bluestep Bank is, or might be, exposed to are identified, assessed, measured, monitored, managed and properly reported. Further, the Risk Management function regularly monitors the risk profile against strategic goals and risk appetite. The work is led by the Chief Risk Officer who is appointed by the Chief Executive Officer after approval by the Board. The Chief Risk Officer reports at least monthly directly to the Board and the Chief Executive Officer. The Board has adopted a policy for the risk management framework including the function and approves the annual risk control plan for the function. The Chief Risk Officer is chairman of the Risk and Compliance Committee, a member of the Asset and Liability Management Committee and the New Product and Approval Process committee.
The Compliance function is independent from the operational business and support functions whilst being a control function for the business. The function works proactively with quality regarding regulatory compliance through providing information, advice, training, supervision and monitoring of the compliance areas, thereby supporting the operational business and support functions, and management. The work is led by the Head of Compliance who is appointed by the Chief Executive Officer after approval by the Board. The Head of Compliance reports at least monthly directly to the Chief Executive Officer and the Board. The Board has adopted a policy for the Head of Compliance. As a result of analysis of the risks in this area, the Board approves an annual Compliance Plan for the function. The Head of Compliance is also the Chairman of the New Product and Process Approval Committee and a member of the Risk and Compliance Committee.
Internal Audit function
The Internal Audit function is an independent function, directly subordinated to the Board. The Internal Audit function provide the Board and the Chief Executive Officer with reliable and objective evaluation of risk management, compliance, internal control and governance processes in order to reduce the occurrence of risks and improving the control framework within Bluestep Bank. The Internal Audit function, which currently is outsourced to Deloitte AB, reports to the Board and informs the Chief Executive Officer regularly about internal matters. The Board has adopted a policy and approves an annual plan for the function.