BANK 4.7.7 Information to governing body

(1) A banking business firm’s governing body must obtain timely information on the condition of the firm’s assets, including the classification of assets, the levels of provisions and problem assets.
(2) The information must include summary results of the latest asset review, comparative trends in the overall quality of problem assets, and measurements of existing or anticipated deterioration in asset quality and losses expected.
Derived from QFCRA RM/2014-2 (as from 1st January 2015).