Goldman Sachs 2012 Annual Report Download - page 80

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 control and support functions.
Board of Directors
Chief Executive Officer
President
Chief Financial Officer
Internal Audit
Chief Risk Officer
Risk Committee
Business Managers
Business Risk Managers
Senior Management Oversight
Corporate Oversight
Firmwide New Activity Committee
Firmwide Suitability Committee
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Compliance
Controllers
Credit Risk Management
Human Capital Management
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Legal
Market Risk Management
Operations
Operational Risk Management
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Tax
Technology
Treasury
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Committee Oversight
Management Committee
Firmwide Client and Business
Standards Committee
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Investment Management Division
Risk Committee
Firmwide
Risk Committee
Independent Control and Support Functions Revenue-Producing Units
Firmwide Commitments Committee
Firmwide Capital Committee
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Securities Division Risk Committee
Credit Policy Committee
Firmwide Operational Risk Committee
Firmwide Finance Committee
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Management Committee. The Management Committee
oversees the global activities of the firm, including all of the
firm’s independent control and support functions. It
provides this oversight directly and through authority
delegated to committees it has established. This committee
is comprised of the most senior leaders of the firm, and is
chaired by the firm’s chief executive officer. The
Management Committee has established various
committees with delegated authority and the chairperson of
the Management Committee appoints the chairpersons 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 the
firm’s president and chief operating officer, and reports to
the Management Committee. This committee also has
responsibility for overseeing the implementation of the
recommendations of the Business Standards Committee.
This committee has established the following two
risk-related committees that report to it:
78 Goldman Sachs 2012 Annual Report