"bank or banking organisation"

A bank, bank holding company or other company considered by banking supervisors to be the parent of a banking group under applicable national law as determined to be appropriate by the entity's national supervisor.

"board of directors, board"

The body that supervises management. The structure of the board differs among countries [See paragraph 15.]. The use of "board" throughout this paper encompasses the different national models that exist and should be interpreted in accordance with applicable law within each jurisdiction.

"control functions"

Those functions that have a responsibility independent from management to provide objective assessment, reporting and/or assurance. This includes the risk management function, the compliance function and the internal audit function.

"corporate governance"