(a) Management companies shall establish, implement and maintain an adequate and documented risk management policy which identifies the risks the UCITS they manage are or might be exposed to.
(b) The risk management policy shall comprise such procedures as are necessary to enable the management company to assess for each UCITS it manages the exposure of that UCITS to market, liquidity, sustainability and counterparty risks, and the exposure of the UCITS to all other risks, including operational risks, which may be material for each UCITS it manages.
(c) Management companies shall address at least the following elements in the risk management policy:
(i) the techniques, tools and arrangements that enable them to comply with the obligations set out in paragraphs 7 to 10;
(ii) the allocation of responsibilities within the management company pertaining to risk management.
2. Management companies shall ensure that the risk management policy referred to in paragraph 1 st
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