Internal Risk Assessment Process (IRAP)

2. An Authorised Person in Category 1, 2, 3A, 3B, 3C or 5 is required to carry out an IRAP as detailed in Section 10.3, which is proportionate to the nature, size and complexity of its business activities and risk profile. An IRAP is a comprehensive internal risk evaluation as detailed in Section 10.3. More detail on the establishment of an IRAP and the manner of carrying out an IRAP assessment is provided in App11.