HC-7.1.2
Senior management must:
(a) Be selected through an appropriate promotion or recruitment process which considers the qualifications and competencies required for the position in question;
(b) Have the necessary experience, competencies, personal qualities and integrity to manage the businesses and employees under their supervision;
(c) Be subject to regular training to maintain and enhance their competencies and stay up to date on developments relevant to their areas of responsibility;
(d) Assess the training needs of staff across all levels throughout the organisation taking into account the existing skills and competencies and laws and regulations and ensure that such training is provided by competent and skilled personnel (whether internal or external);
(e) Act within the scope of their responsibilities which must be clearly defined;
(f) Independently assess and question the policies, processes and procedures of the licensee , with the intent to identify and initiate management action on issues requiring improvement;
(g) Not interfere in the independent duties of the risk management, compliance and internal audit functions;
(h) Carry out and manage the licensee’s activities in compliance with all laws and regulations, and in a manner consistent with the business strategy, risk appetite, business plans and remuneration and other policies approved by the Board;
(i) Have a robust governance framework for all management committees;
(j) Not primarily control the remuneration system in the licensee ;
(k) Actively communicate and consult with the control functions on management’s major plans and activities so that the control functions can effectively discharge their responsibilities; and
(l) Provide the Board and its committees with timely, complete, accurate and understandable information and documents so that they are equipped for upholding their responsibilities, and keep them adequately informed and updated on a timely basis about material issues including:
i. Changes in the implementation of business strategy, risk strategy and risk appetite;
ii. The licensee’s performance and financial condition;
iii. Breaches of risk limits or regulations;
iv. Internal control failures, frauds and cyber-security incidents;
v. Legal or regulatory concerns;
vi. Customer complaints; and
vii. Issues raised as a result of the licensee’s whistleblowing policy.
Added: April 2023