When to Form a Risk Committee
Should your board form a standing risk committee — and how will you know that the time is right? Federal law requires all depository institutions to establish a standing board-level risk committee once they reach $50 billion in assets. The requirement dates back to the passage of the Dodd-Frank Act in 2010; the original asset threshold was set at $10 billion but raised to $50 billion when some of Dodd-Frank’s provisions were relaxed in 2018. Not every bank waits until it reaches $50 billion to form a risk committee. Many boards make that decision when their bank is much smaller,...
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