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Risk management

Bank Millennium has an efficient risk management system, which consists of a collection of rules and mechanisms to regulate the actions taken to identify, measure, mitigate, monitor and report all types of risks associated with its activity. Due to the diverse range of the Bank’s operations, risk management is also conducted by specialized committees, the powers of which are defined by the Bank’s Management Board. The most important one is the Risk Committee, the members of which are all members of the Bank’s Management Board. A specialized organizational unit (Risk Department) presents current risk management updates in the form of reports to the Bank’s Management Board (usually on a monthly basis) and to the Bank’s Supervisory board (quarterly). The Bank also has in place the policies and internal regulations that are used to evaluate, report on and prevent non-standard or crisis events. The purpose of those activities is to ensure continuity of the Bank’s operations on a continuous basis.

The Bank’s Management Board attaches special importance to the continuous improvement of the risk management process. This has resulted in measurable success achieved by the Bank and the Group in 2014, given the results of the asset quality review (AQR) , stress tests and submission of an application to extend the Internal Ratings Based Approach (IRB) in the capital requirement calculation process.

Detailed information on risk management is described in the 2014 Annual Report available on the Bank's website.

G4-14, G4-46, G4-47