28 November 2018

The National Bank of Ukraine (NBU) has extended the term for the first implementation stage of the Regulation On Organization of Risk Management System in Ukrainian Banks and Banking Groups approved by NBU Board Resolution No. 64 dated 11 June 2018.

In particular, the deadline for bringing the organizational structure of the risk management system in line with the requirements of Regulation No. 64 falls on 30 March 2019 for banks and on 30 April 2019 for banking groups.

The extension of terms will make it possible for banks to properly finish the processing of intrabank documents on the introduction of organizational measures and their approval by supervisory boards.

The relevant amendments are set forth by NBU Board Resolution No. 126 On Amendments to NBU Board Resolution No. 64 dated 11 June 2018 dated 26 November 2018. The Resolution shall enter into effect on 29 November 2018.

Please be reminded that the NBU set the requirements to organization of the risk management system in banks in June 2018. These requirements are based on the Basel Committee Core Principles for Effective Banking Supervision and incorporate the best international practice.