RR-3.1.8
The following elements must be included in the banks' governance practice framework:
(a) Setting a clear and unambiguous vision, values, goals and strategies, and ensuring that they are transparent;
(b) Developing appropriate policy, codes of conduct, guidelines and procedures to support the implementation of the bank's vision, values, goals and strategies;
(c) Creating an open and empowering corporate culture to encourage responsible and ethical behaviour, and to support the achievement of business objectives and effective risk management;
(d) Building up a strong, stable management team that are honest, competent, responsible, accountable and responsive to stakeholders;
(e) Raising the risk awareness of employees and providing employees with adequate training;
(f) Setting up effective systems and controls to manage and control all material risks (including reputational risks) faced by the bank and to monitor compliance with all applicable laws, regulatory standards, best practices and internal guidelines; and
(g) Having adequate policy and procedures in place to ensure that all disclosures to stakeholders are clear, accurate, complete, relevant, consistent and timely, and guided by the principles of ethics, integrity and transparency.
July 2018