According to Basel Committee guidelines, the board of directors bears the ultimate responsibility for setting the frequency of risk management reporting and distribution. The board is responsible for:

• Establishing the overall risk management framework
• Setting reporting frequencies that ensure adequate oversight
• Ensuring timely distribution of risk information to relevant stakeholders
• Overseeing the effectiveness of the risk management process

While senior management and risk committees are involved in implementing and monitoring risk management activities, the board has the ultimate governance responsibility for establishing the reporting framework and frequency.