The responsibilities of the senior management of the licensee must include:

(a) Implementing the overall risk strategy approved by the Board of Directors;
(b) Ensuring that the strategy is implemented consistently throughout the whole organisation;
(c) Ensuring that all levels of staff understand their responsibilities with respect to risk management;
(d) Ensuring that each member of staff has the requisite knowledge, skills, and understanding of the principles and practices of risk management to discharge their duties effectively; and
(e) Developing and implementing policies, processes and procedures for managing risk in all of the licensee's products, activities, processes and systems.
July 2014