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HC-3.5.4

The licensee must have a strong and appropriate risk governance framework which:

(a) Includes a strong risk culture, and a well-developed risk appetite articulated through the risk appetite statement (RAS);
(b) Outlines actions to be taken when the stated risk limits are breached, including disciplinary actions for excessive risk-taking, escalation procedures and notification to the Board; and
(c) Includes well-defined organisational responsibilities for risk management.
Added: April 2023