Article 35

Effective from 2019-12-10 - Dec 09 2019
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A Consumer Microfinance Company shall:
	1.	establish a clear written business strategy and a written risk management policy approved and updated annually by the board. The risk management policy should take into account all relevant types of risks and how to deal with them, taking into consideration all business activities, including outsourced operations and tasks;
	2.	establish appropriate procedures to identify, assess, manage, monitor and communicate risks. These processes must be included in a comprehensive risk management framework that ensures:
		a.	early and comprehensive identification of risks;
		b.	assessment of correlations between risks; and
		c.	immediate coordination with Senior Management, the Board, risk and credit management committee and the responsible staff, and where appropriate, the internal audit department.
	3.	submit the risk report to its board.