5.2 Senior Management
Effective from Nov 01 2023 - Oct 31 2023
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| 5.2.1 | Senior management are responsible for the design, implementation, and compliance of the bank’s new products and services with the Board approved internal policies and procedures for offering of new products and services. |
| 5.2.2 | Senior management must ensure that offering of any new or existing products and services must fall within the scope of banking business as defined in the Banking Control Law. |
| 5.2.3 | Senior management must ensure that that risks arising from new products and services are well understood and aligned to the bank’s risk appetite and tolerance level. |
| 5.2.4 | Senior management has to determine whether the change to any product or service is considered to be a material change (3). |
| 5.2.5 | Senior management must periodically review the appropriateness of the products and services internal policies and procedures and whether they continue to meet the objectives as set out in this regulation, and must propose to the Board that the policies and procedures be amended if this is no longer the case. |
| 5.2.6 | Senior management must identify and mitigate potential negative effects on the bank's reputation either actual or perceived. |
| 5.2.7 | Senior management must ensure that there are full operational readiness to support new products and services, including processes, controls and systems infrastructure and approvals from other authorities are obtained prior to offering new products and services, where relevant. |
(3) Chief Risk Officer (CRO) and Chief Compliance Officer (CCO), in coordination with the product or service developer, are responsible for determining whether the change to any product or service is considered to be a material change.