Page 14 - QFCRA Annual Report 2014
P. 14
ernance
Framework
THE BOARD and Advisory Business Rules responsibility. The Governance
2014 (INMA); and the Individuals Resolution of the Board provides
Board Composition (Assessment, Training and for the establishment of an Audit
Competency) Rules 2014. The and Risk Committee as well as a
Under the QFC Law, the Board Controller Framework for QFC Nominations and Remuneration
may have a maximum of six Authorised Firms approved by the Committee and sets out the
members appointed by the Board in December 2013 came nature and membership of these
Council of Ministers. Board into effect in February 2014. committees. The committees
members are required to have review matters under their
significant expertise in the The standing items that were Terms of Reference and make
regulation of financial services. reviewed included the annual recommendations and provide
The Chairman and other Directors budget, the audited financial reports to the Board.
on the Board were appointed statements, the quarterly
by the Council of Ministers for financial reports and the monthly Audit and Risk Committee
a three-year term on 8 March management report to the Board.
2012. The Board reports annually The Board also reviewed the The Audit and Risk Committee
to the Council of Ministers on the semi-annual macro-prudential (ARC) is comprised of Mr Robert
discharge by the Board of the supervisory report, and proposed O’Sullivan (ARC Chairman) and
Regulatory Authority’s functions; enhancements to the QFC Islamic Mr Jean-François Lepetit.
the extent to which, in its Banking Framework which will
opinion, the Regulatory Authority advance in 2015. The principal focus of the ARC is
objectives have been met; and to monitor and oversee:
other matters required by law. The Board was kept informed
of developments in relation to • the effectiveness of the
Board Meetings regulatory coordination among Regulatory Authority’s policies,
Qatar’s financial regulators procedures and internal
The Board met four times in person including progress made by controls including those for
during 2014 with full attendance the Financial Stability and Risk financial reporting;
by all Board members. The Board Control Committee. They were
approved a number of new briefed on the initiatives in • compliance with legal and
rules and rule amendments, process and proposed by the other requirements;
considered various enforcement Regulatory Authority to advance
matters and regulatory policies, the strategic goals set forth in the • the performance of the
and reviewed a number of Strategic Plan for Financial Sector internal audit function and the
standing items. Regulation. external audit firm appointed
by the Regulatory Authority;
The rule and policy amendments Committees of the Board
decided by the Board in 2014 • the effectiveness of the internal
included the Banking Business The Board is empowered to controls framework; and
Prudential Rules 2014 (Bank); establish committees to undertake
the Investment Management and advise on certain areas of • business continuity and disaster
recovery plans.
14 ANNUAL REPORT 2014
Framework
THE BOARD and Advisory Business Rules responsibility. The Governance
2014 (INMA); and the Individuals Resolution of the Board provides
Board Composition (Assessment, Training and for the establishment of an Audit
Competency) Rules 2014. The and Risk Committee as well as a
Under the QFC Law, the Board Controller Framework for QFC Nominations and Remuneration
may have a maximum of six Authorised Firms approved by the Committee and sets out the
members appointed by the Board in December 2013 came nature and membership of these
Council of Ministers. Board into effect in February 2014. committees. The committees
members are required to have review matters under their
significant expertise in the The standing items that were Terms of Reference and make
regulation of financial services. reviewed included the annual recommendations and provide
The Chairman and other Directors budget, the audited financial reports to the Board.
on the Board were appointed statements, the quarterly
by the Council of Ministers for financial reports and the monthly Audit and Risk Committee
a three-year term on 8 March management report to the Board.
2012. The Board reports annually The Board also reviewed the The Audit and Risk Committee
to the Council of Ministers on the semi-annual macro-prudential (ARC) is comprised of Mr Robert
discharge by the Board of the supervisory report, and proposed O’Sullivan (ARC Chairman) and
Regulatory Authority’s functions; enhancements to the QFC Islamic Mr Jean-François Lepetit.
the extent to which, in its Banking Framework which will
opinion, the Regulatory Authority advance in 2015. The principal focus of the ARC is
objectives have been met; and to monitor and oversee:
other matters required by law. The Board was kept informed
of developments in relation to • the effectiveness of the
Board Meetings regulatory coordination among Regulatory Authority’s policies,
Qatar’s financial regulators procedures and internal
The Board met four times in person including progress made by controls including those for
during 2014 with full attendance the Financial Stability and Risk financial reporting;
by all Board members. The Board Control Committee. They were
approved a number of new briefed on the initiatives in • compliance with legal and
rules and rule amendments, process and proposed by the other requirements;
considered various enforcement Regulatory Authority to advance
matters and regulatory policies, the strategic goals set forth in the • the performance of the
and reviewed a number of Strategic Plan for Financial Sector internal audit function and the
standing items. Regulation. external audit firm appointed
by the Regulatory Authority;
The rule and policy amendments Committees of the Board
decided by the Board in 2014 • the effectiveness of the internal
included the Banking Business The Board is empowered to controls framework; and
Prudential Rules 2014 (Bank); establish committees to undertake
the Investment Management and advise on certain areas of • business continuity and disaster
recovery plans.
14 ANNUAL REPORT 2014
