Risk management

(1) The board of directors of a licensee and a financial holding company shall establish and maintain a comprehensive risk management framework that adequately identifies, measures and mitigates related risks in reference to operations of the licensee. (2) The board of directors of a licensee or a financial holding company that fails to comply with sub-section (1) shall, on being called upon in writing by the Central Bank, pay a fine not exceeding one hundred thousand dollars and an additional ten thousand dollars for every day that the contravention continues.