There are three support units of the oversight committees of the Board which are independent from the business activities of the Bank, to wit:

• The Risk Management Group (RMG) led by the Chief Risk Officer, reports functionally to the Board of Directors through the Risk Management Oversight Committee. The RMG oversees the implementation of the Bank’s ERM framework and supports business units and risk owners in identifying and assessing risks, developing mitigation plans aligned with the Board-approved risk appetite, and monitoring these plans until full resolution.
• The Internal Audit Group (IAG) of Philippine Veterans Bank (PVB) functions as the institution’s Third Line under the Institute of Internal Auditor’s Three Lines Model, providing the Board of Directors and Senior Management with the highest level of independent and objective assurance. Positioned with direct reporting accountability to the Audit Committee and the Board, the IAG operates free from undue influence, allowing it to deliver professional, risk-based evaluations that support strong governance, responsible risk-taking, and effective oversight across the Bank.

  • The purpose of the IAG is to strengthen PVB’s ability to create, protect, and sustain value by offering independent, risk-based, and objective assurance, advice, insight, and foresight. Through its work, internal audit enhances the Bank’s ability to achieve its objectives, strengthens governance and internal control processes, decision making and oversight, reputation and credibility with its stakeholders and ability to serve the public interest.

  • Based on the recent results of the External Quality Assessment (EQA) conducted by an independent assessor, the Internal Audit Activity of the Philippine Veterans Bank (PVB) is assessed as General Achievement (General Conformance) with the IIA Global Internal Audit Standards (GIAS), represents a significant affirmation of the overall quality and effectiveness of PVB’s internal audit practices.

• The Compliance Group led by the Chief Compliance Officer identifies/monitors all relevant laws and regulations or jurisdictions and ensures the Bank’s compliance in the said laws and regulations. Likewise, it is charged to ensure that all new or amended compliance policies are communicated and understood by all concerned banking units. The Compliance Department reports directly to the CGCOC.