An effective risk governance framework requires robust communication within the bank about risk, both across the organisation and through reporting to the board and senior management.

126. Ongoing communication about risk issues, including the bank's risk strategy, throughout the bank is a key tenet of a strong risk culture. A strong risk culture should promote risk awareness and encourage open communication and challenge about risk-taking across the organisation as well as vertically to and from the board and senior management. Senior management should actively communicate and consult with the control functions on management's major plans and activities so that the control functions can effectively discharge their responsibilities.

127. Information should be communicated to the board and senior management in a timely, accurate and understandable manner so that they are equipped to take informed decisions. While ensuring that the board and senior management are sufficiently informed, management and those responsible for the risk management function should avoid voluminous information that can make it difficult to identify key issues. Rather, information should be prioritised and presented in a concise, fully contextualised manner. The board should assess the relevance and the process for maintaining the accuracy of the information it receives and determine if additional or less information is needed.