• CTRL 1.2.2 CTRL 1.2.2 What is a firm’s corporate governance framework?

    (1) An authorised firm’s corporate governance framework is made up of the firm’s organisational structures, policies, procedures and systems and controls as they relate to the firm’s business objectives and the means of achieving them.
    (2) An authorised firm’s corporate governance framework includes:
    (a) the firm’s risk management framework (see rule 1.2.3);
    (b) its internal control and assurance functions (that is, its risk management, compliance oversight, internal audit and actuarial functions);
    (c) its business objectives; and
    (d) the corporate governance obligations in these rules, the Companies Regulations, and other applicable regulations, rules and guidance.

     

    Derived from QFCRA RM/2020-4 (as from 1st July 2021)

    • CTRL 1.2.2 Guidance

      Guidance

      1 The corporate governance framework deals with the relationships between a firm’s board, its senior management, depositors, policyholders, clients and other stakeholders. Other important aspects of corporate governance are the separation of functions within the firm and the accountabilities for the internal control and assurance functions.
      2 The corporate governance framework includes at least the firm’s objectives and the firm’s corporate governance obligations under these rules, the Companies Regulations, and other regulations, rules and guidance.

       

      Derived from QFCRA RM/2020-4 (as from 1st July 2021)