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  • Risk Management

    • RM-1.1.6

      In the case of incorporated insurance firms and insurance brokers, the Board of Directors must take responsibility for the establishment and oversight of effective risk management systems and controls.

    • RM-1.1.7

      In the case of Bahraini insurance brokers that are unincorporated entities or single person companies, the General Manager must take responsibility for the establishment and oversight of effective risk management systems and controls.

      Amended: October 2007

    • RM-1.1.8

      Additional requirements relating to Boards and senior management in terms of risk management and controls are specified in Module HC (High-Level Controls). The Board may delegate various functions and tasks, but retains ultimate responsibility. However, the CBB will also take into account the responsibility of the Chief Executive Officer or General Manager of a licensee, within the framework of delegated authorities laid down by the Board.

      Amended: January 2007
      Amended: October 2007

    • RM-1.1.9

      In assessing the systems and controls framework, the CBB would expect the Board to be able to demonstrate that it provides suitable prudential oversight and establish a risk management system that includes setting and monitoring policies so that all major risks are identified, measured, monitored and controlled on an on-going basis. The risk management systems should be approved and periodically reviewed by the Board as outlined in Paragraph HC-1.1.5.

      Amended: January 2007