• CTRL Part 6.2 CTRL Part 6.2 Risk management function

    • CTRL 6.2.1 Authorised firms to have risk management function

      An authorised firm must establish and maintain a risk management function that is appropriate to the nature, scale and complexity of the firm’s business.

       

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

    • CTRL 6.2.2 What makes up authorised firm’s risk management function?

      (1) An authorised firm’s risk management function is made up of:
      (a) the individual (if any) who is approved to exercise the risk management function for the firm;
      (b) any other employees allocated to the function;
      (c) the part of the firm’s resources (other than staff) allocated to the function;
      (d) the firm’s risk management strategy;
      (e) the firm’s risk management policy; and
      (f) the records that the firm keeps in relation to risk management.
      Note 1 For the requirements relating to the risk management strategy, see rule 7.1.4.
      Note 2 There are also specific requirements in PINS for a QFC insurer’s risk management strategy and policy. See PINS, Chapter 2.
      (2) The purpose of an authorised firm’s risk management function is to monitor and control the firm’s risk exposure.
      (3) The risk management function must provide for timely monitoring of, advising on, investigating and reporting on all reasonably foreseeable material risks.

       

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

    • CTRL 6.2.3 Which firms must have individual to exercise risk management function?

      (1) A QFC bank must have an individual who is approved to exercise the risk management function for the firm.
      (2) A QFC insurer (other than a QFC captive insurer) must have an individual who is approved to exercise the risk management function for the firm.
      Note QFC bank, QFC insurer and QFC captive insurer are defined in the Glossary.
      (3) Any other authorised firm must have an individual who is approved to exercise the risk management function for the firm if it is appropriate to do so because of the nature, scale and complexity of the firm’s business.
      (4) The individual who is approved to exercise the risk management function for the following firms must be ordinarily resident in Qatar:
      (a) a QFC bank;
      (b) a QFC insurer (other than a QFC captive insurer) that is incorporated under the Companies Regulations.

       

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