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  • Risk Management Function

    • RM-1.1.10

      The CBB requires that all insurance firms establish an independent risk management function, staffed by a head of risk management, duly approved by the CBB in accordance with Paragraph AU-1.2.1.

      Added: April 2014

    • RM-1.1.10A

      Depending on the scale and complexity of their operations, insurance brokers must consider establishing an independent risk management function.

      Amended: April 2014

    • RM-1.1.10B

      The risk management function must be independent of risk-taking units and must not have any conflict of interest with any other function. The risk management function must have direct access to the Board and must report to the Board and senior management.

      Added: April 2014

    • RM-1.1.11

      Where there is a risk management function, the licensee must document the process by which it manages risks, and how it directly reports to the Board of directors on these risks.

      Amended: April 2014

    • RM-1.1.12

      [This Paragraph was deleted in April 2014.]

      Deleted: April 2014