56. Members of the management body should have an up-to-date understanding of the business of the institution and its risks, at a level commensurate with their responsibilities. This includes an appropriate understanding of those areas for which an individual member is not directly responsible but is collectively accountable together with the other members of the management body.
57. Members of the management body should have a clear understanding of the institution’s governance arrangements, their respective role and responsibilities and, where applicable, the group structure and any possible conflicts of interest that may arise therefrom. Members of the management body should be able to contribute to the implementation of an appropriate culture, corporate values and behaviour within the management body and the institution [ See also the EBA’s Guidelines on Internal Governance].
58. Without prejudice to the national transposition of Directive 2015/849/EU, the member of the mana