CTRL 6.1.4 Certain individuals’ obligation to raise matters promptly

An authorised firm’s policies, procedures and controls must provide that an individual who is approved to exercise an internal control and assurance function for the firm:

(a) must promptly raise significant matters directly with the firm’s governing body, the chair of the body, or any relevant committee of the body; and
(b) must promptly tell any other individual to whom this rule applies if the first individual becomes aware of a risk that might have (or a number of risks that, taken together, might have) a significant effect on:
(i) the firm’s risk management strategy; or
(ii) the other individual’s functions.

 

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