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Internal Controls Management/ Units
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The Senior Management and Internal Controls Units are independent of the business and support Management/Units that they monitor and control and also organically independent of each other.


1. Risk Management Unit

 Head: Maria Agathokleous

This Department is responsible for:

I. Undertaking studies to facilitate the Committee formulate the Organisation’s strategy and risk management framework

II.  Evaluating risk strategy and risk management

III. Participating actively in evaluating the impact of significant changes in the structure of the Organisation before any decision is taken in relation to these changes.

IV. Playing a key role to ensure that decisions on its proposals are taken at the appropriate level

V. Implementing risk management and capital adequacy strategies

VI. Using appropriate methods to mitigate and manage risk

VII. Defining, in cooperation with the relevant executive units, the limits of risk taking

VIII. Carrying out simulated crisis situation tests every six months

IX. Submitting proposals to the Committee for corrective measures in the event of divergence from the acceptable risk targets and ensuring their effective implementation

X. Actively participating in the process of approving the development of new markets, products and service


2. Compliance Unit

Head: Maria Aristidou

The Unit is responsible for:

I. Identifying, on a continuous basis, the legal, regulatory and business requirements which govern and affect the activities of the Bank

II. Maintaining a comprehensive and updated register of the legal, regulatory and business requirements

III. Informing the relevant units of the associate credit institutions on the legal, regulatory and business requirements in force

IV. Developing appropriate practices and methodologies to assess regulatory compliance risk

V. Submitting proposals for organisational and procedural changes to ensure the appropriate management of recognised regulatory compliance risks

VI. Overseeing the complaints procedure and using clients’ complaintsasa source for useful information

VII. Submitting timely reports to top management and the Committee as regards significant short comings and weaknesses in the regulatory compliance policy and internal control processes

VIII. Checking that the new products and processes are in line with the existing legal framework and the professional standards and with every known change in legislation, regulations, supervisory requirements and professional standards

IX. Ensuring the compliance of the institution with the Prevention and Suppression of Money Laundering Activities Laws of 2007 as amended or replaced in each case and the Directives of the Central Bank and circulars which relate to preventing money laundering.



3. Internal Inspection Unit

Head: Maria Ioannou

The Unit is responsible for:

I. The effectiveness of the internal control system

II. The credibility and integrity of the financial and operational results and the quality of the data and the models used

III. Compliance with the legal and institutional framework of the Organisation’s internal procedures

IV. Compliance with local and international professional internal control standards

V. Participation in the design, selection, implementation or operation of the specific control measures

VI. Evaluation of the extent of the effective use by the Organisation’s collective bodies as well as by the business units and controls department, of the means and resources at their disposal

VII. Evaluation of the effectiveness, adequacy and maintenance of risk management and compliance procedures

VIII. Evaluation of the integrity of the IT systems, including the risk management and accounting information systems

IX. Evaluation of the systems and procedures governing the arrival at credible, comprehensive and up to date financial, administrative and regulatory information

X. Evaluation of the assessment process of the Internal Assessment Process of Capital Adequacy (EDAKE) of the institution as relates to the profile risk


4. Μονάδα Ασφάλειας Πληροφοριών

Head: Χρίστος Κουτσιουπής