HC-1.2.10
The Board must be able to demonstrate that the
(a) Are measured, monitored and controlled by appropriate, effective and prudent risk management systems commensurate with the scope of the licensee's activities. The systems must produce information on a timely basis, and in a form and quality appropriate to the needs of the different recipients;
(b) Are supported by an appropriate control environment. The risk management and financial reporting functions must be independent of business lines and must be run by individuals not involved with the day-to-day running of the various business areas; and
(c) Make effective use of the work of internal and external auditors.
October 2019