10. The Management, under Board direction, and where applicable the Branch Management, under the direction of the board and the management of the legal entity of which the branch is a legally dependent part, shall be responsible for ensuring all of the following:
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(a)
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that the SIPS operator’s activities are consistent with its objectives, strategy and risk tolerance;
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(b)
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that internal controls and related procedures are appropriately designed, executed and overseen in order to promote the SIPS operator’s objectives;
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(c)
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that internal controls and related procedures are subject to regular review and testing by well-trained and sufficiently staffed risk-management and internal-audit functions;
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(d)
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their active involvement in the risk-control process;
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(e)
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that sufficient resources are allocated to the SIPS’s risk-management framework.
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