Enterprise Risk Management at ABN AMRO

The Managing Board established the risk philosophy and policies for ABN AMRO under the guidance of the Supervisory Board. Responsibility for the overall implementation of risk policy lay with the Chief Financial Officer, who was a member of the Managing Board.

Risk was managed through two principal departments: Group Risk Management (GRM) and Group Asset and Liability Management (GALM). GRM was responsible for the management of credit, country, market and operational risks and was also responsible for leading the assessment of the impact of the New Capital Accord (Basel II) and its implementation. GALM attempted to protected the earnings and capital position of the bank from adverse interest rate and currency movements. GALM also managed the group's longer-term liquidity profile. Overnight liquidity or cash management was taken care of by the Treasury department in WCS (Wholesale Client Services).