CTRL 3.1.8 What is the risk management function?

The risk management function for an authorised firm is the function of having responsibility—

(a) for the firm's risk management policies, procedures and controls; and
(b) for taking appropriate steps to ensure the implementation of and compliance with those policies, procedures and controls.

Note 1 See also rules 4.1.2 and 4.1.3.

Note 2 A QFC insurer (other than a QFC captive insurer) must have an individual approved to exercise the risk management function. As a general rule, a QFC bank must, from 1 January 2014, have an individual approved to exercise the risk management function — see r 3.2.3.

Derived from QFCRA RM/2012-4 (as from 1st July 2013)