They will then present their evaluation and proposed next steps to a risk governance panel. These panels consist of senior staff drawn from across the Central Bank. They offer their expertise to the front line supervisors, debating, discussing and challenging their findings and bringing wider expertise and perspectives to the table.
Classically, a high impact firm panel would be chaired by a director, assisted by a risk advisor, a conduct specialist, the supervision team’s head of division and an independent head of division as well as senior representatives from the risk and financial stability divisions. Sometimes an issue will arise outside of the cycle of major engagement tasks for a firm.