A Bank must have an appropriate Risk Governance Framework that provides a Bank-wide, and if applicable, Group-wide view of all material risks. This includes policies, processes, procedures, systems and controls to identify, measure, evaluate, monitor, report, and control or mitigate material sources of risk on a timely basis. The Bank’s risk management function must be independent of the management and decision-making of the Bank’s risk-taking functions and have a direct reporting line to the Board or the Board risk committee. Governance requirements for Risk Management are contained in separate Regulations and Standards issued by the Central Bank.