The Module contains both:
• general requirements (on the overall management of risk); and
• specific requirements on the management of specific risk classes.
In meeting these requirements for captive insurers, the BMA expects that insurance managers will put in place the systems and controls for ongoing identification and monitoring of risks on behalf of the companies that they manage, and that these will be reported periodically to Boards. However, the overall responsibility for the management of risk ("the establishment and oversight of effective risk management systems"), and ensuring the adequacy of this reporting, lies with Boards.