|By PR Newswire||
|July 31, 2014 05:25 AM EDT||
TEL AVIV, Israel, July 31, 2014 /PRNewswire/ --
- Over-all risk management policy across all TASE group companies approved
- Board of Directors risk management committee to be established
- Chief risk management officer joins TASE senior management
The Tel Aviv Stock Exchange (TASE) Board of Directors approved a series of decisions designed to consolidate the risk management framework employed in the TASE group at its last meeting. The approved measures will strengthen the group's ability to identify and respond to risks inherent in TASE's activity and business environment in real time and will conform with requisite international standards and best practices.
The adopted resolutions are based on an examination made by KPMG of accepted risk management framework prevalent in foreign and Israeli financial institutions sharing a similar risk profile. The global benchmark led to the following board decisions:
- An over-all risk management policy, incorporating all TASE group companies, was approved. This policy will constitute the group's organizational risk management compass and the foundation on which core group-wide risk management processes will be formulated.
- The Board of Directors will establish a board risk management committee, comprising a majority of external board members and chaired by the TASE Chairman of the Board, Mr. Amnon Neubach.
- The TASE management was authorized to submit a proposed working framework for the committee, which articulates the committee's authority and responsibilities.
- The process will be spearheaded by TASE's Chief Risk Officer, Att. Gal Landau-Yaari, who has joined the TASE executive staff as a senior vice president.
Over the past few years international standards and regulations have been formulated in the field of financial institution risk management, which require the establishment of a robust risk management framework encompassing the entire organization, conforming to the organization's risk profile, the complexity of its operations and the environment in which it operates. TASE is a central player in Israel's capital market and endeavors to integrate the group's activity in global financial markets. For this purpose, TASE must establish and consolidate a solid framework for comprehensive risk management, which includes, inter alia: a clear and well-defined infrastructure governing the board of directors' position as the ultimate authority in risk management, the existence of an independent risk management function and the existence of a proactive framework to identify, measure, monitor and report risks.
Att. Gal-Landau-Yaari joined the TASE staff in April 2013 as Chief Risk Officer. She started her professional career as an economist in the Bank of Israel's (Israel's central bank) Banking Supervision Department (2002-2007). Between 2007-2013 she filled executive positions at the First International Bank of Israel, specifically in the banking group's risk management and planning departments.
Mr. Amnon Neubach, TASE Chairman of the Board of Directors, remarked: "The existence of a risk management framework aligned with international standards is a necessary component of the TASE group's business success and its financial resilience. The profile of the group's operations and the strategic challenges it faces requires adjusting the existing infrastructure to its current and future needs as well as to accepted international standards."
For more information please contact: Idit Yaaron or Orna Goren, TASE, +972(3)5677-405/6
Visit the Tel Aviv Stock Exchange's Website: http://www.tase.co.il
SOURCE Tel Aviv Stock Exchange (TASE)
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