Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 389

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 389
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 and their duties (including the roles and responsibilities of the various units and committees in relation to risks and their control systems), the associated procedures, as well as monitoring and control mechanisms.

4.3.5 Risk governance

Governance structure

The Board of Directors of Banco de Sabadell, S.A. is the body responsible for establishing the general guidelines for the organisational distribution
of the risk management and control functions, as well as determining the main strategies in this regard, and for ensuring consistency with the Group’s short- and long-term strategic objectives, as well as with the business plan, capital and
liquidity planning, risk-taking capacity and remuneration schemes and policies.

The Board of Directors of Banco de Sabadell, S.A. is also
responsible for approving the Group’s Global Risk Framework.

In addition, within the Board of Directors of Banco de Sabadell, S.A. itself,
there are five Board Committees involved in the Group’s Global Risk Framework and, therefore, in risk management and control (the Board Risk Committee, the Board Strategy and Sustainability Committee, the Delegated Credit Committee, the Board
Audit and Control Committee and the Board Remuneration Committee). There are also other Committees and Divisions with a significant level of involvement in the risk function.

A-152

The defined governance structure aims to ensure the adequate development and implementation of the Global Risk Framework and, therefore, the risk management and control activity within the Group, while at the same time it aims to facilitate:

| – | The participation and involvement of the Group’s governing bodies and Senior Management in decisions regarding 
 risks, and also in their supervision and control.                                                              |

| – | The alignment of targets and objectives at all levels, monitoring their achievement and implementing corrective 
 measures where necessary.                                                                                       |

| – | The existence of an adequate management and control environment for all risks. |

Organisation The Group establishes an organisational model for assigning and coordinating risk control responsibilities based on the three lines of defence. For each risk, the model draws on the various policies included in the Group’s body of regulations, which set out the specific responsibilities of each of the three lines of defence. For each line of defence, the risk policies describe and assign responsibilities, as appropriate, to the following functions (or any other additional ones that ought to be considered):

| – | First line of defence: responsible for maintaining adequate and effective internal control and implementing                                                            
 corrective actions to rectify deficiencies in its processes and controls. The responsibilities attributed to this