23.1 The board shall establish a risk committee separately from the audit committee with responsibility for oversight and advice to the board on the current risk exposures of the credit institution and future risk strategy. Credit institutions may propose to the Central Bank that the board itself carry out the functions which would otherwise be delegated to a risk committee. The Central Bank's prior approval in writing shall be obtained if a credit institution wishes to fulfil this requirement without creating a separate committee of the board.

23.2 The number of members of a risk committee shall be sufficient to handle the nature, scale and complexity of the business conducted by it and shall be composed of at least three members.

23.3 The Chairman of the risk committee shall be a non-executive director or an independent non-executive director.

23.4 The risk committee shall be composed of a majority of non-executive directors, independent non-executive directors or a combination of both.

23.5 The risk committee as a whole shall have relevant risk expertise.