168. The risk management function and the compliance function should be involved in approving new …

The risk management function and the compliance function should be involved in approving new products or significant changes to existing products, processes and systems. Their input should include a full and objective assessment of risks arising from new activities under a variety of scenarios, of any potential shortcomings in the institution ’s risk management and internal control frameworks, and of the institution’s ability to manage any new risks effectively. The risk management function should also have a clear overview of the roll-out of new products (or significant changes to existing products, processes and systems) across different business lines and portfolios, and the power to require that changes to existing products go through the formal NPAP process.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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