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OM-1.5.4

Control processes and procedures should be established and licensees should have a system in place for ensuring compliance with a documented set of internal policies concerning the risk management system. Principal elements of this could include, for example:

(a) Top-level reviews of the licensee's progress towards the stated objectives;
(b) Verifying compliance with management controls;
(c) Policies, processes and procedures concerning the review, treatment and resolution of non-compliance issues;
(d) Evaluation of required approvals and authorisations to ensure accountability to an appropriate level of management; and
(e) Tracking reports for approved exceptions to thresholds or limits, management overrides and other deviations from policy.
January 2014