Systems and Controls
RM-1.1.7
The risk management framework of a
licensee must describe the systems and controls which are appropriate to their business, so as to identify, measure, mitigate, and monitor risks to which thelicensee may be exposed.July 2014RM-1.1.8
The board must ensure that the
licensee undertakes a timely review and evaluation of all internal systems and control weaknesses identified by external and/or internal auditors, the risk management function and management, and that actions are implemented to effectively mitigate such control weaknesses.July 2014RM-1.1.9
Licensees must establish mechanisms to verify that controls, once established, are implemented effectively at all times.July 2014
