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A bank's Senior Management must ensure it formulates policies which approved by the Board of Directors governing PSIAs which ensure their effective and prudent management, including the following:
a.
Governance requirements including setting controls, responsibilities, and delegation of authority.
b.
Guidelines to ensure PSIA funds are invested in accordance with the relevant terms and conditions of the PSIA contract
c.
Guidelines to safeguarding the interests and rights of the IAHs
d.
The basis for allocating expenses and profits or losses to IAHs
e.
Guidelines on PER and IRR management, and to whom those reserves would revert in the event of a write-off or recovery
f.
Monitoring liquidity mismatches
g.
Valuation and monitoring of PSIA assets
h.
Dealing with any losses incurred as a result of negligence, misconduct, fraud or breach of contract on the part of the bank
i.
An acknowledgement of the right of the IAHs to monitor the performance of their investments and the associated risks, and how IAHs can exercise that right
