PRU 7.4.2

(1) An Authorised Person must ensure that its Governing Body is responsible for monitoring the nature and level of Non-Trading Book interest rate risk assumed by the Authorised Person and the process used to manage that risk.
(2) Without limiting the operation of (1), the responsibilities of an Authorised Person's Governing Body in respect of the risk include:
(a) approving the Authorised Person's Non-Trading Book interest rate risk policy, including its strategy and management framework;
(b) establishing and maintaining a senior management structure for the management of the risk and for ensuring compliance with the Authorised Person's risk strategy;
(c) monitoring the Authorised Person's overall Non-Trading Book interest rate risk profile on a regular basis and being aware of any material changes in the Authorised Person's current or prospective profile; and
(d) ensuring that Non-Trading Book interest rate risk is adequately identified, assessed, mitigated, controlled and monitored.