PRU 5.10.2 PRU 5.10.2
An Authorised Person must establish and maintain such systems and controls to monitor and manage its Underwriting and sub-Underwriting business as are appropriate to the nature, scale and complexity of its Underwriting and sub-Underwriting business.
Guidance1. An Authorised Person should take reasonable steps to:a. allocate responsibility for the management of its Underwriting and sub-Underwriting business;b. allocate adequate resources of the Authorised Person to monitor and control its Underwriting and sub-Underwriting business;c. satisfy itself that its systems to monitor its Exposure to a Counterparty will calculate, revise and update its Underwriting Exposure to each Counterparty and its Capital Requirements;d. satisfy itself of the suitability of each Person who performs functions for it in connection with the Authorised Person's Underwriting business, having regard to the Person's skill and experience; ande. satisfy itself that its procedures and controls to monitor and manage its Underwriting business address the capacity of sub-underwriters to meet sub-Underwriting commitments.