Goldman Sachs 2015 Annual Report Download - page 98

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
The chart below presents an overview of our risk
management governance structure, highlighting the
oversight of our Board, our key risk-related committees and
the independence of our key control and support functions.
Independent Control and Support Functions
Corporate Oversight
Board of Directors
Board Committees
Revenue-Producing Units
Business Managers
Business Risk Managers
Human Capital Management
Compliance Legal
Operations Te chnology
Tr e asuryControllers Tax
Operational Risk ManagementCredit Risk Management
Market Risk Management Model Risk Management
Firmwide Commitments Committee
Firmwide Capital Committee
Senior Management Oversight
Chief Executive Officer
President/Chief Operating Officer
Chief Financial Officer
Committee Oversight
Management Committee
Chief Risk Officer
Chief Administrative Officer
Investment
Management
Division Risk
Committee
Firmwide Client and Business
Standards Committee
Firmwide New Activity Committee
Firmwide Suitability Committee
Internal Audit
Firmwide Reputational Risk
Committee
Firmwide Risk Committee
Credit Policy Committee
Firmwide Operational Risk Committee
Firmwide Finance Committee
Firmwide Technology Risk Committee
Firmwide Investment Policy Committee
Firmwide Model Risk Control Committee
Global Business Resilience Committee
Firmwide Volcker Oversight Committee
Investment Banking Division Risk Committee
Merchant Banking Division Risk Committee
Securities Division Risk Committee
Liquidity Risk Management
Conflicts
Management Committee. The Management Committee
oversees our global activities, including all of our
independent control and support functions. It provides this
oversight directly and through authority delegated to
committees it has established. This committee is comprised
of our most senior leaders, and is chaired by our chief
executive officer. The Management Committee has
established various committees with delegated authority
and the chair of the Management Committee appoints the
chairs of these committees. Most members of the
Management Committee are also members of other
firmwide, divisional and regional committees. The
following are the committees that are principally involved
in firmwide risk management.
Firmwide Client and Business Standards Committee.
The Firmwide Client and Business Standards Committee
assesses and makes determinations regarding business
standards and practices, reputational risk management,
client relationships and client service, is chaired by our
president and chief operating officer, and reports to the
Management Committee. This committee also has
responsibility for overseeing recommendations of the
Business Standards Committee. This committee
periodically updates and receives guidance from the Public
Responsibilities Committee of the Board. This committee
has also established certain committees that report to it,
including divisional Client and Business Standards
Committees and risk-related committees. The following are
the risk-related committees that report to the Firmwide
Client and Business Standards Committee:
86 Goldman Sachs 2015 Form 10-K