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Risk Management and Control functions

The Board has ultimate responsibility for the Group's risk organisation and for ensuring satisfactory internal control. The RCC supports the Board in this work. At least once a quarter the Board and RCC receive a report on development of the Group's risk exposure.

The President has overall responsibility for managing all of the Group's risks in accordance with the Board's policies and instructions. The President shall ensure that SEB's organisation and administration are appropriate and that the Group's operations are in compliance with external and internal rules.

The CRO function

The CRO function is a SEB Group-wide function which is independent from the business activities and forms part of the second line of defence. The CRO function shall ensure that the SEB Group’s risks are identified, measured, assessed, monitored, managed, mitigated and reported.

The CRO function in the SEB Group is dedicated to facilitating the implementation of the risk management framework throughout the SEB Group while operating independently from the business.

Further, the CRO function is responsible for challenging and assisting in the implementation of risk management by the business in order to ensure that the processes and controls are effective. Additionally, the CRO function is responsible for further identifying, monitoring, analysing, measuring and managing risk to provide independent reporting of risks to the Board.

The CRO function is also dedicated to safeguarding the SEB Group’s asset quality, hereunder providing appropriate ex-ante checks and balances in the credit decision-making process by ensuring that credit origination decisions made by the business are subject to an independent second opinion.

Group Compliance

The Group Compliance function is independent from the business activities while serving as a business support function. The Compliance function shall act proactively to assure the quality of compliance in the Group through information, advice, control and follow-up within the compliance areas, thereby supporting the business activities and management.

Special areas of responsibility include:

  • customer protection
  • market conduct
  • prevention of money laundering and financing of terrorism
  • regulatory compliance and control.

Group Internal Audit

Group Internal Audit is an independent Group-wide function that is directly reporting to the Board. The main responsibility of Internal Audit is to provide reliable and objective assurance to the Board and the President regarding the effectiveness of controls, risk management and governance processes, with the aim of mitigating current and evolving high risks and in so doing improve the control culture within the Group.

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