Internal Governance Structures
While the Commission has overall responsibility for the management and control of the Bank, there are a number of internal committees which have been established to co-ordinate the development and implementation of policies and to advise and inform on major issues.
High-Level Committees Chaired by the Governor
- The Executive Committee also comprises the two Deputy Governors and the Chief Operations Officer. It deals primarily with preparation for Commission meetings, senior appointments and other strategic issues.
- The Senior Management Committee also comprises the two Deputy Governors, the Chief Operations Officer and the other eight members of the senior management team. The Committee co-ordinates the development and implementation of management policies and decisions in the Bank. These include planning, budgeting and resource allocation, systems and infrastructure, and risks and controls.
- The Financial Stability Committee also comprises the two Deputy Governors and the directors and heads of division from the relevant central banking and financial regulation areas. The role of the Committee is to assist in the fulfilment of the Bank’s mandate to contribute to financial stability in Ireland and the euro area.
Other High-Level Committees
- The Supervisory Risk Committee is chaired by the Deputy Governor (Financial Regulation) and comprises regulatory directors and heads of division, advises the Deputy Governor on major supervisory issues and also acts as an information-sharing forum.
- The Executive Risk Committee is chaired by the Deputy Governor (Central Banking) and oversees the management of the Bank’s financial and operational risks. The Committee has particular focus with regard to investment assets, the risks inherent in implementation of Eurosystem monetary policy, asset and liability management, and operational risk management.
Cross-Organisational Committees
The structure also comprises a number of cross-organisational committees chaired by executive directors which include:
- The Regulatory Policy Committee monitors policy concerning prudential banking, prudential insurance, credit unions, funds, securities and markets, corporate governance, accounting and auditing, consumer protection and enforcement and also EU and international policy coordination across all sectors; and
- The IT Investment Prioritisation Committee approves the Bank’s investment in IT projects and manages the prioritisation of such projects in order to ensure that optimal business benefits are realised.
Internal Audit
The Internal Audit function is an independent and objective appraisal function, which is required to provide audit assurance that the system of risk management and internal control is adequate to manage and control those risks to which the Bank is exposed. It also assists the Bank in its pursuit of efficiency and effectiveness. The Head of Internal Audit reports directly to the Governor and has unrestricted access to the Audit Committee and members of the Senior Management Committee.
The Internal Audit function submits four-monthly written reports to the Governor, the Audit Committee and the Senior Management Committee giving an assessment of how effectively the Bank’s objectives are being met. The Internal Audit function also reports to the Internal Audit Committee of the ECB on the outcome of ESCB audits and other audit issues.