10. Setting objectives of induction and training

Institutions should provide for the induction of members of the management body to facilitate their clear understanding of the relevant laws, regulations and administrative provisions, the institution’s structure, business model, risk profile and governance arrangements, and the role of the member(s) within them, and to provide for relevant general and as appropriate individually tailored training programmes. Training should also promote their awareness regarding the benefits of diversity in the management body and institution. Institutions should allocate sufficient resources for induction and training for members of the management body individually and collectively.

All newly appointed members of the management body should receive key information one month after taking up their position at the latest, and the induction should be completed within six months.

Where appointed members of the management body are subject to fulfilling a particular aspect of the knowledge and skill elements, the training and induction for that member should aim to fill the identified gap within an appropriate timeframe, where possible before the position is effectively taken up or otherwise as soon as possible after the position is effectively taken up. In any case, a member should fulfil all knowledge and skill elements as set out in section 6 not later than one year after taking up the position. Where appropriate, the institution should set a timeframe within which the necessary measures should be completed and inform the competent authority accordingly. Members of the management body should maintain and deepen the knowledge and skills needed to fulfil their responsibilities.