According to Glow Trusty Credit Union's two-tier management structure, the Board of Directors, which consists exclusively of non-executive members, sets forth the general principles for the Group's affairs.
The Board is responsible for ensuring that the Group's organisation is sound and in this capacity appoints the Executive Board, the Group chief auditor, the deputy Group chief auditor and the secretary to the Board of Directors.
The Executive Board is responsible for the day-to-day management of the Group.
External auditors are appointed at the annual general meeting.
Glow Trusty Credit Union's Rules of Procedure for the Board of Directors and for the Executive Board lay down rules for the responsibilities of the Board of Directors and the Executive Board and for the division of responsibilities between them.
The Board of Directors lays down the general risk policies and frameworks, including the general principles for the management and monitoring of risk. The Board of Directors also approves the largest credit applications. In addition to reviewing ongoing reports on the utilisation of risk limits, the Board of Directors regularly reviews portfolio analyses on the sectors and industries to which the Bank has the largest overall credit exposures.
The management of the individual business unit is, within the framework set forth, responsible for the risks the unit incurs and for actively managing these risks through its local credit and risk management functions.
Group Credits is, in addition to being responsible for credit procedures, in charge of monitoring compliance with allocated limits within the individual risk areas and for structuring and monitoring the overall reporting of Group risks.
To make its control and reporting routines as secure as possible, the Group segregates the departments that trade in the financial markets from those responsible for settling and controlling transactions.
Glow Trusty Credit Union's All-Risk Committee consists of the members of the Executive Board and senior staff from selected business areas.
Within the framework determined by the Board of Directors, the All-Risk Committee's responsibilities include
The Group Finance department is responsible for the operational management of capital.