Corporate Governance Statement

The Board of Directors view Corporate Governance as important to sound banking and the achievement of sustainable growth. In the overall oversight of the Bank, the Board of Directors is responsible for the overall governance, management and strategic direction of the Bank. In performing this function, subcommittees have been formed and they are:

  •     Board Advisory & Strategy Committee
  •     Board Audit Committee
  •     Board Risk Committee
  •     Board Credit Committee

Each Subcommittee is guided by its Terms of Reference.

Senior Management under the leadership of the Chief Executive has the responsibility for the day-to-day management of the Bank and the execution of the Bank’s strategy. To ensure sound governance, various subcommittees have been formed and they include:

  •     Management Committee
  •     Asset & Liability Management Committee
  •     Credit Committee
  •     Product Management Committee
  •     Disciplinary Committee
  •     Management Audit Committee

UAB’s Corporate Governance Framework sets the policies for corporate governance in the Bank.
The governance structure is designed to ensure that the Bank is managed in a safe and sound manner with a high level of discipline and professionalism.


The governance structure comprises of three (3) lines of defense to ensure awareness and accountability at different function levels:

  • First Line of Defense – The Risk Owner:
    The front-line employees are the first line of defense and have primary responsibility for implementing and executing effective controls for the management of risks arising from their business activities. They apply internal controls, limits and other risk responses to handle risk associated with transactions and unexpected events.  
  • Second Line of Defense – Risk Oversight:
    The Compliance and Risk functions (Credit Management, Branch Ops, Risk & Compliance) provide independent oversight over the activities of the first line of defense. They balance growth with stability by establishing the risk framework, appetites and limits. Risk issues are highlighted to the respective committees.
  • Third Line of Defense – Independent Audit:
    The Bank's internal auditors and external auditors report independently to CEO, Audit Committee and the Board. They conduct risk-based audits covering all aspects of the First and Second Lines of Defense to provide independent assurance on the effectiveness of the risk management and control structure, policies, frameworks, systems and processes.

Risk Governance

UAB’s risk management structure is illustrated in the following diagram and it is designed to ensure that appropriate risk management and governance is accorded to the Bank.

Risk is managed within the levels established by the Senior Management and approved by the Board of Directors. Various sub-committees within the Bank govern and monitor the risk levels at the Bank and ensure that it operates within the levels established.

Within the Risk Management Framework, the Bank ensures that all key risk elements are categorized and sufficiently robust contingency planning is appropriated.
Processes are put in place to identify, measure, mitigate and monitor risk. Reports are made to various management and board committees and a process for escalation is available where risk levels require such escalation.

Policies, procedures, guidelines and manuals are issued and a Management Information System which is sufficiently robust provides support to risk governance.

The overarching influence within the Risk Management Framework is the Risk Culture and this is the set of encouraged and accepted behavior towards taking and managing risk. The Board and Management sets the tone for UAB’s risk culture in its deliberations, managers conferences, training programs and written statements.

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