Document ID: chunk:federal_register_of_legislation:F2013L01183:reg:7
Version: federal_register_of_legislation:F2013L01183
Segment Type: reg
Provision Reference: reg 7
Character Range: 5514–6440

7                         Reviews of risk management framework
(1)          The Board must ensure that:
(a)          there are effective and comprehensive reviews of the risk management framework, conducted by persons (including, if appropriate, external consultants) who are operationally independent and appropriately trained and competent; and
(b)          the frequency and scope of such reviews are appropriate having regard to the size and complexity of the Agency's operations.
(2)          For paragraph (1)(a), a person is not operationally independent if the person plays, or has played, a significant role in the development or implementation of the risk management framework.
(3)          A review must include:
(a)          a review of the risk management function; and
(b)          a review of the risk management strategy; and
(c)          a review of the Agency's controls and procedures in relation to risk.