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(2) The board of a licensed financial institution or a licensed financial holding company shall ensure that the risk management policies and procedures under paragraph (a) of subsection (1) include appropriate risk strategies and risk management frameworks to address the following risks: (a) credit; (b) country and transfer; (c) market; (d) interest rate risk in the banking book; (e) legal and reputational risk; and (f) operational risks on a bank-wide basis. (3) Where the board of a licensed financial institution or licensed financial holding company fails to comply with this section, the Central Bank may take any action against the licensed financial institution or licensed financial holding company and the directors under sections 75 to 78. Removal and disqualification of director or officer 103. (1) Any person who is a director or officer of a licensed financial institution or licensed financial holding company shall cease to hold office: (a) upon notification by the board of a finding by two-thirds of its members: (i) of that person’s permanent incapacity or serious neglect of, or misconduct in, office; or (ii) that the person is not a fit and proper person in accordance with this Act or prudential standards issued by the Central Bank; (b) if that person: (i) is or was convicted of an offence under this Act; (ii) has been declared bankrupt or is compounding with, or suspending payment to, the person’s creditors; or (iii) has been convicted in a court of law of any offence involving fraud, dishonesty, or violence.

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