The members of the Board, for which the Central Bank is the primary regulator, having Group relationships including subsidiaries, affiliates, or international branches, are responsible for the Group. This includes the establishment and operation of a clear governance framework appropriate to the structure, business and risks of the parent Bank and all its related entities.
The Board must exercise adequate oversight over the Group while respecting the independent legal and governance responsibilities that might apply to the individual entities. The Board and Senior Management must understand the Group organizational structures, both at the legal entity and business line, and the risks posed.