Senior Management Responsibilities

1. The GEN rules contain Rules and Guidance regarding senior management arrangements for Authorised Persons.
2. In relation to establishing and maintaining a robust Operational Risk framework, an Authorised Person's senior management should:
a. translate the Operational Risk management framework established by the Governing Body into specific policies and procedures that can be implemented and verified within the different business units;
b. clearly assign authority, responsibility and reporting relationships to encourage and maintain accountability, and to ensure that the necessary resources are available to manage Operational Risk in line within the Authorised Person's risk appetite and tolerance; and
c. ensure that the management oversight process is appropriate for the risks inherent in a business unit's activity.