• INDI Part S1.5 INDI Part S1.5 Risk management function competencies

    Notes

    1 The competencies in this Part for the risk management function are in addition to any requirements under other Rules for the function. See, in particular CTRL, rule 6.2.3 (4).
    2 The level of an individual's competencies must be commensurate to the nature and complexity of his or her role in the firm and the regulated activity or activities that the firm conducts (see rule 3.1.3 (4)).
    Derived from QFCRA RM/2014-5 (as from 1st January 2015)
    Amended by QFCRA RM/2021-1 (as from 1st July 2021)

    • INDI Division S1.5.A Skills

      S1.5.1 Research the firm's organisation and its requirements to help inform risk strategy and policy
      S1.5.2 Establish risk strategy and policy
      S1.5.3 Identify, assess and report risk management information to senior management
      S1.5.4 Identify available resources to manage risk
      S1.5.5 Facilitate risk action planning
      S1.5.6 Facilitate business continuity planning and disaster recovery
      S1.5.7 Develop and maintain external third party relationships relevant to risk management
      S1.5.8 Develop and maintain effective risk management communication within the firm
      S1.5.9 Monitor and evaluate the effectiveness of risk management controls
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Division S1.5.B Knowledge

      S1.5.21 A recognised risk management function professional qualification, or any other qualification that the firm is satisfied is appropriate for the role

      Note 1 In considering a qualification for clause S1.5.21, qualifications that are recognised as appropriate for the role by another regulator may be taken into account. See rule 3.1.4 (3).

      Note 2 The firm must record and retain its assessment and any supporting evidence (see rule 3.1.4 (4)).
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Division S1.5.C Experience and other elements

      S1.5.31 Appropriate level of experience and seniority for the role
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)