BCBS Corporate Governance Principles for Banks

Principle 3. Sets out the role of the chair of the board and key board committee specifically setting out expectations for the audit committee, risk committee and compensation committees including expectations that they are chaired by independent non-executive directors.

Principle 1: "The board has overall responsibility for the bank, including approving and overseeing the implementation of the bank’s strategic objectives, governance framework and corporate culture." The principle elaborates on the responsibilities of the board noting that it is responsible for providing oversight of senior management. It also states that "a risk governance framework should include well defined organisational responsibilities for risk management, typically referred to as the three lines of defence."

Principle 4. "The organisation and procedure and decision-making of senior management should be clear and transparent…This includes clarity on the role, authority and responsibility of the various positions within senior management, including that of the CEO… Senior management is responsible for delegating duties to staff and should establish a management structure that promotes accountability and transparency throughout the bank."

FSB Guidance on Supervisory Interaction with Financial Institutions on Risk Culture: A Framework for Assessing Risk Culture"