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FUIB has an effective risk management system that meets the requirements of the National Bank of Ukraine. The bank manages not only the risks inherent in banking, but also social and environmental risks by adhering to the three lines of defense. The first line of defense is the business and support units of the bank. They are responsible for identifying and assessing risks, applying management measures and reporting on them. Risk management and compliance divisions are on the second line. On the third line, the Internal Audit Department assesses the effectiveness of security risk management systems, of the first and second defense levels, and the effectiveness of the internal control system.

3 lines of defense provide:

  • Acceptance of risks. The Bank's structural units prepare and carry out banking operations, are involved in the process of risk identification, assessment and monitoring, fulfill the requirements of internal regulations on risk management, and also take into account the level of risk in the preparation of operations.
  • Risk management. Risk management and compliance develop risk management mechanisms, methodology, assess and monitor the level of risk, prepare risk reporting, carry out risk aggregation, calculate the amount of requirements for total capital.
  • Internal audit. It makes an independent assessment of the quality of current risk management processes, identifies irregularities and makes suggestions for improving the management system.

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