The risk management framework must, in the case of country risk and transfer risk, be sufficiently robust to—
| (a) |
identify and monitor exposures on an individual country basis in addition to an end-borrower or end-counterparty basis; |
| (b) |
ensure that country exposures are accurately monitored and reported in the central counterparty’s information systems, risk management systems and internal control systems; |
| (c) |
continuously ensure adherence to the central counterparty's established country exposure limits, and any other relevant limit that may be specified by the central counterparty or the Authority; |
| (d) |
monitor and evaluate developments in country risk and in transfer risk, and apply appropriate countermeasures; and |
| (e) |
raise appropriate provision for loss against country risk and transfer risk in addition to any relevant required loan-specific provision or impairment. |
Superior Courts Act, 2013
