5.1 Board of Directors (The Board)
| No: 45032226 | Date(g): 30/11/2023 | Date(h): 16/5/1445 | Status: In-Force |
Effective from Mar 01 2024 - Feb 29 2024
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| 5.1.1 | The Board has an oversight responsibility (2) to ensure that senior management develop and implement the detailed internal policies and procedures for offering of new products and services. |
| 5.1.2 | The Board is responsible for ensuring that product and service risks are well managed, and the needs and rights of consumers are appropriately addressed. |
| 5.1.3 | The Board must review whether the offering of products and services by the bank remains consistent with the risk appetite approved by the board and internal policies and procedures for offering of new products and services. |
| 5.1.4 | The Board must review and revise the bank’s risk appetite when the offering of products and services by the bank is no longer consistent with the approved risk appetite. Any changes to the risk appetite must be justified and documented with detailed risk assessment, taking into consideration the risk management capabilities and risk bearing capacity of the bank. The Board must also ensure that internal policies and procedures are updated by senior management accordingly following changes in risk appetite. |
(2) The management function responsible for overseeing the operations of Foreign Bank Branch (FBB) are to ensure that policies an d procedures for new products and services are consistent with the requirement of this regulation, and effectively implemented in its operations.