81 3 FINANCIAL MANAGEMENT, RISK EXPOSURE AND HEDGING POLICY Banking risks within CFM Indosuez Wealth are managed by the Executive Board. Risks and Permanent Controls Department (DRCP), and by the Finance and Strategy Department (DFS). These Departments report to the General Management of CFM Indosuez Wealth and are respectively responsible for the control and permanent monitoring of credit and operational risks (Risk and Permanent Control) and the control and permanent monitoring of financial and liquidity risks (DFS). This department reports to the Chief Executive Officer and it is tasked with the management and continuous control of credit, financial and operational risks. A description of these systems and narrative information is provided in the "Risk Factors" section of the management report, as permitted by IFRS 7 Financial Instruments: Disclosures. The accounting breakdowns are shown in the financial statements. 3.1 CREDIT RISK 3.1.1 Changes in carrying amounts and value adjustments for losses during the period Value adjustments for losses correspond to the impairment of assets and to provisions for offbalance sheet commitments recognised in net income (“Cost of risk”) relating to credit risk. The following tables present a reconciliation of the opening and closing balances of value adjustments for losses recognised under Cost of Risk and the related carrying amounts, by accounting category and type of instrument.
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