(1) Institutions shall put in place and maintain robust governance arrangements, which include the following:
(a) a clear organisational structure with well-defined, transparent and consistent lines of responsibility;
(b) effective processes to identify, manage, monitor and report the risks they are, or might be, exposed to;
(c) adequate internal control mechanisms, including but not limited to -
(i) sound administration and accounting procedures, and
(ii) remuneration policies and practices that are consistent with and promote sound and effective risk management.
(1A) The remuneration policies and practices referred to in paragraph (1)(c)(ii) shall be gender neutral.
(2) The Bank may direct an institution in writing to furnish to it, within a period specified in the direction, such information in relation to the arrangements, referred to in paragraph (1), as the Bank may require and the institution shall comply with that direction.
(3) The governance arrangements, processes and mechan
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