The Executive Board is responsible for the day-to-day management of the Group as laid down by the rules of procedure of the Board of Directors and the Executive Board. The Executive Board sets forth operational risk policies and supervises the risk management of the Group. It reports to the Board of Directors on the Group’s risk exposures and approves material business transactions, including credit applications up to a defined limit. The Executive Board has established three committees that are in charge of ongoing risk management. All Risk Committee The All Risk Committee is in charge of implementing the Group’s: risk appetite process overall structure and development policy for the balance sheet targets for capital structure and solvency rating strategy overall funding structure general principles for measuring, managing and reporting on the Group’s risks risk policies for relevant business areas overall risk exposure guidelines – for example for identifying and managing risk concentrations – and follow-up measures overall investment strategy capital deployment In addition, the Committee handles risk reports to be submitted to the Board of Directors or one of its committees before such reports are sent to the Board of Directors. The All Risk Committee consists of members of the Executive Board and the heads of Danske Markets and Risk Management. Executive Board’s Credit Committee Credit applications that exceed the lending authorities of the business areas must be submitted to the Executive Board’s Credit Committee for approval. The local credit departments of the business areas review these applications before the heads of the departments submit them to the Executive Board’s Credit Committee for approval. The Committee consists of members of the Executive Board and the management team of Group Credits. It is also in charge of preparing operational credit policies and approving or rejecting credit applications involving issues of principle. The Board of Directors determines the lending authorities. In addition, the Executive Board’s Credit Committee participates in decisions regarding the valuation of the Group’s loan portfolio in connection with the recognition of impairment losses. Operational Risk Committee This Committee assists the Executive Board in its functions and processes related to operational risk management. The Committee’s responsibilities include the following: implementing a group-wide programme that addresses and manages the Group’s current and potential operational risk processing reports from operational risk management functions handling of “critical risks” processing of management information on issues such as IT security, physical security, business continuity and compliance The Operational Risk Committee is headed by a member of the Executive Board and includes managers of all major support functions and resource areas, including IT, and the Group’s Business Development department. In addition, the Board of Directors has approved the establishment of an Executive Committee. This Committee is a co-ordinating forum whose principal objective is to take an overall view of activities across the Group with particular attention to the interaction between support functions and product suppliers on the one hand, and individual divisions and country organisations on the other. The Executive Committee does not take part in the credit approval process.		Read more about the responsibilities and composition of the Executive Board.