(a) Explicitly reinforce the collective oversight and risk governance responsibilities of the board;

(b) Emphasise key components of risk governance such as risk culture, risk appetite and their relationship to a licensee’s risk capacity;

(c) Delineate the specific roles of the board, board committees, senior management, chief financial officer, internal auditor, chief risk officer and head of compliance; and

(d) Strengthen licensees’ overall checks and balances.