In respect of Rule 9.2.2(2)(b), senior management are expected to:
a. oversee the development, establishment and maintenance of procedures and practices that translate the goals, objectives and risk tolerances approved by the Governing Body into operating standards that are consistent with the Governing Body's intent and which are understood by the relevant members of an Authorised Person's staff;
b. adhere to the lines of authority and responsibility that the Governing Body has established for managing Liquidity Risk;
c. oversee the establishment and maintenance of management information and other systems that identify, assess, control and monitor the Authorised Person's Liquidity Risk; and
d. oversee the establishment of effective internal controls over the Liquidity Risk management process.