Goldman Sachs 2015 Annual Report Download - page 100

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
‰Firmwide Technology Risk Committee. The Firmwide
Technology Risk Committee reviews matters related to
the design, development, deployment and use of
technology. This committee oversees cyber security
matters, as well as technology risk management
frameworks and methodologies, and monitors their
effectiveness. This committee is co-chaired by our chief
information officer and the head of Global Investment
Research, who are appointed as co-chairs by the
Firmwide Risk Committee.
‰Firmwide Investment Policy Committee. The
Firmwide Investment Policy Committee reviews,
approves, sets policies, and provides oversight for certain
illiquid principal investments, including review of risk
management and controls for these types of investments.
This committee is co-chaired by the head of our Merchant
Banking Division and a co-head of our Securities
Division, who are appointed as co-chairs by our president
and chief operating officer and our chief financial officer.
‰Firmwide Model Risk Control Committee. The
Firmwide Model Risk Control Committee is responsible
for oversight of the development and implementation of
model risk controls, which includes governance, policies
and procedures related to our reliance on financial
models. This committee is chaired by a deputy chief risk
officer, who is appointed as chair by the Firmwide Risk
Committee.
‰Global Business Resilience Committee. The Global
Business Resilience Committee is responsible for
oversight of business resilience initiatives, promoting
increased levels of security and resilience, and reviewing
certain operating risks related to business resilience. This
committee is chaired by our chief administrative officer,
who is appointed as chair by the Firmwide Risk
Committee.
‰Firmwide Volcker Oversight Committee. The
Firmwide Volcker Oversight Committee is responsible for
the oversight and periodic review of the implementation
of our Volcker Rule compliance program, as approved by
the Board, and other Volcker Rule-related matters. This
committee is co-chaired by our chief risk officer and a
deputy general counsel, who are appointed as co-chairs
by the Firmwide Risk Committee.
‰Securities Division Risk Committee. The Securities
Division Risk Committee sets market risk limits, subject
to business-level risk limits approved by the Firmwide
Risk Committee, for the Securities Division based on a
number of risk measures, including but not limited to
VaR, stress tests and scenario analyses. This committee is
chaired by the Securities Division’s chief risk officer, who
is appointed as chair by the co-chairs of the Firmwide
Risk Committee.
‰Investment Banking Division Risk Committee. The
Investment Banking Division Risk Committee is
responsible for the ongoing monitoring and control of
financial risks for the Investment Banking Division,
including setting risk limits, subject to business-level risk
limits approved by the Firmwide Risk Committee,
reviewing established risk limits and monitoring risk
exposures. This committee is co-chaired by the co-head of
the Global Financing Group in our Investment Banking
Division and the head of Credit Risk Management for our
Investment Banking Division and our Merchant Banking
Division. The co-chairs of the Investment Banking
Division Risk Committee are appointed by the co-chairs
of the Firmwide Risk Committee.
‰Merchant Banking Division Risk Committee. The
Merchant Banking Division Risk Committee is
responsible for the ongoing monitoring and control of
financial risks for the Merchant Banking Division. This
committee is chaired by a managing director in the
Merchant Banking Division, who is appointed as chair by
the co-chairs of the Firmwide Risk Committee.
88 Goldman Sachs 2015 Form 10-K