In forceAs enactedCurrent version · As enactedSee versions on Singapore Statutes Online(opens the publisher’s site)
Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022 · As enacted · Part 3 · Requirements for Tier 2 Designated Fhc with Licensed Insurer Subsidiary
26. Responsibilities of Board on risk management
Feedback & supportThe Board of a Tier 2 DFHC (Licensed Insurer) is responsible for overseeing —
(a)
the establishment and the operation of an independent risk management system for managing risks on an enterprise‑wide basis; and
(b)
the adequacy of the risk management function of the Tier 2 DFHC (Licensed Insurer), including ensuring that it is sufficiently resourced to monitor risk by the various risk categories and that it has appropriate independent reporting lines.