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BCB Group Enhances Risk Management and Governance Practices

Hamilton, Bermuda - The Bermuda Commercial Bank (BCB) Group has made significant improvements in risk identification and control processes through self-assessments, according to a recent statement on corporate governance.

Strengthened Risk Management Framework

The bank’s Second and Third Lines of Defence have been strengthened over the past few years to augment its risk management and internal control environment. This enhanced framework enables BCB to better identify and mitigate potential risks, ultimately protecting the interests of its customers and stakeholders.

Cultural Shift towards Transparency

A key factor in this improved governance is the cultural shift within the organization. Management and staff are now more willing to report risk incidents in a timely manner, with incidents escalated to the Board or relevant committees as necessary. This transparency fosters an open dialogue between senior management and employees at all levels.

Effective Communication

BCB’s commitment to transparency is also reflected in its communication practices. The bank regularly holds town hall meetings (virtually during the pandemic) to inform personnel of its strategy and risk management measures.

Collaboration for Effective Risk Management

The Group’s Internal Control Functions, External Auditors, and Board of Directors work together effectively to identify and mitigate risks. This collaboration ensures that BCB’s risk management framework remains robust and effective in managing potential threats.

“We are committed to maintaining a strong risk culture within our organization,” said [Name], CEO of BCB. “Our improved governance practices enable us to better manage risks, protect our customers’ assets, and support the long-term success of our business.”

Regulatory Recognition

BCB’s commitment to good governance has been recognized by regulatory bodies, including the Bermuda Monetary Authority.

Learn More about BCB’s Corporate Governance Practices

For more information on BCB’s corporate governance practices, please visit [website URL].