Operational Risk Admission and Product Governance Committee

Operational Risk Admission and Product Governance Committee

Committee Officer: Sedef Akalın, Güher Hergül, Yelda Durmaz; İlknur Tuncer

Type of Committee: Main Committees

Subcommittee Type: Orientation / Coordination

Committee's Aim / Responsibilities: The Committee aims to identify, analyze and evaluate the operational risks arising from initiatives related to new business, new products and services, outsourcing, process re-engineering, relationships with third parties, technological changes and insurance of operational risks, prior to it is launch. The Committee expresses its opinion on the feasibility of the initiatives before and after they are implemented. The committee evaluates the inherent risks of initiatives and defines the necessary controls and risk mitigation measures to ensure that residual risks are within the established risk appetite framework.

The Committee's responsibilities are;

• Analyze and decide on new business, product and service offers,
• Analyze and decide on the feasibility of outsourcing offers.
• Analyze and decide on the feasibility of other offers, such as technology changes, process re-engineering and vendor evaluations, in line with standards.
• Decides the insurance framework of operational risks arising from initiatives, reviews, analyzes and approves insurance policy structures,
• The risk and control frameworks of Tier 1 initiatives will be monitored by the Committee 1 year after the initiative is approved (it can be sent for follow-up within 6 months from the first year of its approval) and until the initiative reaches a certain maturity, in order to verify that their launch and distribution are carried out in accordance with the approved conditions. Monitoring activities for non-Tier 1 initiatives are carried out during the approval phase of the initiative by the Committee, upon the request of the relevant Specialties, within the determined period after the launch and distribution.
• To ensure that, to the extent appropriate, the unit managers of the relevant business lines, the responsible senior management, the Board of Directors Risk Committee and the respective bodies of each affected Garanti entity are informed about the negotiations held and the decisions taken,
• To monitor the policies, procedures, regulations and similar documents under its responsibility with respect to necessary updates, and taking action to keep them up-to-date.

Committee History: Established on November 2016. In April 2021, the roles and responsibilities of the Committee were transferred from the Internal Capital and Operational Risk Department to the Internal Control Department.

Meeting Frequency: The Committee meets at least once a month to fulfill its duties. If there is no agenda, the meeting may not be held or more frequent meetings may be held when necessary.

Number of Meetings (2023): 13 meetings were held. (March, April, May, July, August, September, October, November, December)

Number of Meetings (2024): 12 meetings are planned.

Committee Members 

(*) Participates in the meetings of the Committee as an observer and does not have the right to vote.