13)Senior management should determine the structure, responsibilities and controls for managing liquidity risk and for overseeing the liquidity positions of all legal entities, branches and subsidiaries in the jurisdictions in which a bank is active, and outline these elements clearly in the bank’s liquidity policies. The structure for managing liquidity should take into consideration any legal, regulatory or operational restrictions on the transfer of funds.
14)Processes should be in place to ensure that the group’s senior management is actively monitoring and quickly responding to all material developments across the group and reporting to the board of directors as appropriate.
15)Senior management should have a thorough understanding of the close links between funding liquidity risk and market liquidity risk, as well as how other risks, including credit, market, operational and reputation risks affect the bank’s overall liquidity risk strategy.