HC-6.3 HC-6.3 Titles, Authorities, Duties and Reporting Responsibilities
HC-6.3.1
Licensees must maintain clearly documented and communicated staff responsibilities and reporting lines.October 2019HC-6.3.2
For the purposes of Rule HC-6.3.1,
licensees should maintain and document their delegated authority structure as well as written terms of reference for staff positions.October 2019HC-6.3.3
For the purpose of Paragraph HC-6.3.1, the responsibilities and reporting lines must among other matters include the following:
(a) TheCEO must have authority to act generally in thelicensee's name, representing thelicensee's interests in concluding transactions on thelicensee's behalf and giving instructions to otherapproved persons andlicensee employees;(b) The chief financial officer must be responsible and accountable for:(i) The complete, timely, reliable and accurate preparation of thelicensee's financial statements, in accordance with the accounting standards and policies of thelicensee (see HC-3.4.1); and(ii) Presenting the Board with a balanced and understandable assessment of thelicensee's financial situation;(c) The internal auditor's (see HC-6.4) duties must include providing an independent and objective review of the efficiency of thelicensee's operations. This would include a review of the accuracy and reliability of thelicensee's accounting records and financial reports as well as a review of the adequacy and effectiveness of thelicensee's risk management, control, and governance processes; and(d) The compliance officer's (see HC-6.5) duties include maintaining effective systems and MLRO controls for compliance with applicable requirements in the Kingdom's legislation and those set by the CBB, and those established under any other statute or regulator to which they are subject.October 2019HC-6.3.4
The Board must also specify any limits which it wishes to set on the authority of the
CEO or othersenior managers , such as monetary maximums for transactions which they may authorize without separate Board approval.October 2019