129. Investment firms should develop and maintain a culture that encourages a positive attitude …

Investment firms should develop and maintain a culture that encourages a positive attitude towards risk control and compliance within the investment firms and a robust and comprehensive internal control framework. Under this framework, investment firm s’ business lines should be responsible for managing the risks they incur in conducting their activities and should have controls in place that aim to ensure compliance with internal and external requirements. As part of this framework, investment firms should have a permanent and effective internal compliance function³³ with appropriate and sufficient authority, stature and access to the management body to fulfil its mission, and a risk management framework. Where proportionate taking into account the criteria listed in Title I, investment firms should also have an internal risk management and audit function.

³³ Without prejudice to Article 22 of the EU Commission Delegated Regulation 565/2017

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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