The Asset and Liability Committee (ALCO)

The Asset and Liability Committee’s (the "ALCO") primary function is to assist the Management Board in fulfilling responsibilities with regard to:

• Company’s policy of asset and liability management;
• Funding gap analysis;
• Liquidity management;
• Cash flow budgeting and forecasting;
• Interbank market trading and bank partner lines of credit;
• Product pricing of both new and existing products and
• Contingency planning with respect to the foregoing.

ALCO members are appointed by the Management Board. The ALCO shall consist of the following members:

• Chief Financial Officer, Chairman
• Chief Risk Officer, Deputy Chairman
• Chief Marketing Officer, Member
• Chief Sales Officer, Member
• Head of Accounting and FP&A, Member
• Head of Treasury, Member
• Head of Products Development, Observer

ALCO meetings should be held not less than once per month. If necessary, additional meetings can be convened.

Voting is on the one person one voice principle. The Committee is authorized to pass resolutions if at least 2/3 of its members are present. A resolution put to the vote shall be carried out by a simple majority of votes.

The ALCO’s resolutions are binding on all employees.

Risk Management Committee

Risk Management Committee’s (the "Committee") primary function is to assist the Management Committee in fulfilling its risk management responsibilities.

The Committee members are appointed by the Management Committee. The Committee shall consist of the following members:

• Chief Risk Officer, Chairman
• Chief Financial Officer, Deputy Chairman
• Chief Executive Officer, Member
• Chief Sales Officer, Member

The Committee has the authority to conduct or authorize activities within its scope of responsibility. The Committee shall carry out the following responsibilities:

• Risk management systems establishment:
  • revising risk management strategy, policy and standards and furnishing the Management Committee with them for approval thereby;
  • designing, and recommending to the Management Board for consideration thereby, risk management structures that include clear delegation of authority and responsibility at each level of risk management, creating and dissolving lower level credit risk management bodies and individual approval of authorities;
  • coordinating operating units activities with regard to risk management, ensuring identification, measurement, monitoring, and control of all financial and operational risks;
  • periodically revising procedures and controls to ensure that they remain appropriate, and making periodic assessment of risk management programs;
  • monitoring the timely implementation of the Operation Risk Management framework throughout the IMB Group;
  • reviewing thoroughly internal operational risk events with a monetary impact of above USD100,000;
  • reporting operational risks to the Management Board;
  • acting as a Steering Committee for Operational Risk related projects.
• Risk limits establishment:
  • steering Management Committee towards the right risk choices to influence management risk appetite;
  • defining risk limits / risk tolerance for each business line;
  • taking a portfolio view to include all products, making decisions concerning portfolio and product exposure limits, rating/scoring governance and portfolio risk yields;
  • revising and approving procedures and policies that clearly measure acceptable;
  • approving new products and credit technologies;
  • supporting sales, underwriting and back office operations;
  • defining limits / risk tolerance and monitor risk exposure and compliance with limits assigned to operating units.
• Risk management systems oversight:
  • credit risk supervision;
  • obtaining explanations where positions exceed limits, including reviews of loans granted to related parties, significant credit exposures and adequacy of provisions;
  • apprising the major risks (or major risk combinations) that could significantly alter business perspectives; and
  • reviewing periodical risk reports (portfolio management report, credit policy report, operational risk report and credit cycle management report) prior to their submission to the Management Committee.

Tariff Committee

Rate Committee’s (the "Committee") primary function is to assist the Management Board in fulfilling responsibilities with regard to rate and fee policy implementation and monitoring.

The Committee members are appointed by the Management Board. The Committee shall consist of the following members:

• Chief Financial Officer, Chairman
• Chief Sales Officer, Deputy Chairman
• Chief Compliance Officer, Member
• Chief Marketing Officer, Member
• Head of Accounting and FP&A, Member
• Head of Product Development, Observer

The Committee has the authority to conduct or authorize ctivities within its scope of responsibility. The Committee shall carry out the following responsibilities::

• Shall create and monitor a rate and fee policy::
  • designing and reviewing a rate policy;
  • creating the methodology for Company’s cost basis per service;
  • developing and implementing rates and commissions on the Company’s services;
  • setting discounts on certain rates for certain customers;
  • introducing competitive rates for the Bank’s services.
• Shall monitor a rate policy:
  • monitoring compliance with tariff rate decisions, where necessary, failure to comply therewith;
  • monitoring the market, reviewing monitoring results and defining Company’s positions in the market;
  • receiving and analyzing reports of Company’s operating units on operations;
  • analyzing competitors by service and rate thereof;
  • forbidding the Company to offer Company's services at a reduced cost basis except for customers and partners strategically important for the Company.

Tender Committee

Tender Committee’s (the "Committee") primary function is to assist the Management Board in fulfilling responsibilities with regard to procurement policy of the Company, its implementation and monitoring.

The Committee members are appointed by the Management Board. The Committee shall consist of the following members:

• Chief Financial Officer, Chairman
• Head of Administration/Sourcing, Deputy Chairman
• Chief Sales Officer, Member
• Chief Risk Officer, Member 
• Head of Accounting and FP&A, Member

The Committee has the authority to conduct or authorize activities within its scope of responsibility. The Committee shall carry out the following responsibilities:

• designing and revising procurement policies, procedures and methodology;
• making announcements on the procurements, the selection of tenderers (where and when possible a minimum of 3 tenderers must be invited) and informing the tenderers on the results of the tender;
• preparing and sending documentation/requests based on tender results;
• receiving, safekeeping tenders;
• ensuring the most favorable terms for procurements.

Shall ensure that all procurements over $10,000 (be it a onetime purchase or procurements are effected for 12 months) pass through the Tender Committee.

IT Committee

IT Committee’s (the "Committee") primary function is to assist the Management Committee in fulfilling responsibilities with regard to information management strategy and policy implementation and monitoring.

The Committee members are appointed by the Management Committee. The Committee shall consist of the following members:

• Chief IT Officer, Chairman
• Head of IT Support, Deputy Chairman
• Chief Executive Officer, Member
• Chief Operations Officer, Member 
• Chief Financial Officer, Member
• Chief Sales Officer, Member

The Committee has the authority to conduct or authorize activities within its scope of responsibility. The Committee shall carry out the following responsibilities:

• aligning information management strategies with the overall organizational strategic quarterly and annual goals of the Company;
• creating IT system and architecture strategy;
• developing and implementing the most optimal style of information management;
• encouraging constituent ownership of IT initiatives and endorsement of IT policies;
• supporting IT initiatives and IT policies;
• fusing the IT and business strategies, goals, and resources, and achieving competitive advantages through IT;
• encouraging a collaborative work environment and fostering trust via mutual assistance and responsiveness;
• building an IT training system within the organization and the transfer of IT experience to others.