1. A CCP shall define the composition, role and responsibilities of the board and senior management and any board committees. These arrangements shall be clearly specified and well-documented. The board shall establish, at a minimum an audit committee and a remuneration committee. The risk committee established in accordance with Article 28 of Regulation (EU) No 648/2012 shall be an advisory committee to the board.

2. The board shall assume at least the following responsibilities:

(a) the establishment of clear objectives and strategies for the CCP;

(b) the effective monitoring of senior management;

(c) the establishment of appropriate remuneration policies,

(d) the establishment and oversight of the risk management function;

(e) the oversight of the compliance function and internal control function;

(f) the oversight of outsourcing arrangements;

(g) the oversight of compliance with all provisions of this Regulation, Regulation (EU) No 648/2012, Implementing Regulation (EU) No 1249/2012 and all other regulatory and supervisory requirements;

(h) the provision of accountability to the shareholders or owners and employees, clearing members and their customers and other relevant stakeholders.