RMGs aim to provide the minimum standards for risk management for capital markets operators
RMGs are not an exhaustive guide to risk management and hence onus is on Senior Management and the Board to determine the most appropriate framework for management of Risk. RMGs shall apply to all Capital Markets Operators taking into their size and nature of business operations. A principles-based approach provides CMOs with the flexibility to adopt systems and procedures that suit their individual circumstances. CMO must provide factual explanations which must be backed by documentary evidence. Less reliance on senior management/ Board representations as to the existence or effective operation of the CMO’s Quality of Risk Management.