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Information note on risk management at Banco de Portugal

Banco de Portugal attaches great importance to risk management both as the entity responsible for regulating and supervising the financial system and within its internal structure.

In this context, Banco de Portugal has recently created the Risk Management Department (DGR) and the Committee for Risk and Internal Control (CRCI), which are the last step in the Bank’s drive to enhance its governance model.

DGR concentrates the previously separate tasks of identifying, assessing, controlling and managing the risks associated with Banco de Portugal’s activity, in order to ensure that they remain at levels consistent with the risk profile and degree of tolerance defined by the Board of Directors. The Head of Department is Helena Adegas.

CRCI, headed by the Governor of Banco de Portugal, is a forum for reflection and dialogue among the Bank’s departments on issues related to risk management and control.

These organisational changes reflect the strategic importance Banco de Portugal attaches to risk management, helping it to allocate its resources efficiently and hence strengthen its independence and credibility. The Bank thus aims to align with this area’s best practice and principles, specifically in terms of independence, transparency, separation of functions, overview and integrated management of the different types of financial and operational risk.

Lisbon, 9 November 2012