Special assets and the bank board: a special relationship
Bank boards and operational risk teams need to be prepared to use every asset they can to build up a complete picture of a firm’s exposure – in particular, special assets functions can be invaluable in providing an insight into the control failures underlying troubled loans
The business of banking is the business of taking measured risks. The management of special assets – troubled loans, in other words – is a critical part of a bank's enterprise risk management process, for which the board of directors has responsibility and, in some cases, ultimate personal liability. It is, therefore, critically important for the board to understand the risk analysis
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