Duties of resident manager and director
10.  For the purposes of section 14 of the Act and without prejudice to any other matter that the Authority may consider relevant, the Authority shall, in determining whether a resident manager or a director of a licensed trust company has failed to discharge the duties or functions of his office, have regard to whether the resident manager or director has —
(a)implemented, and ensured compliance with, effective written policies on all operational areas of the licensed trust company, including the licensed trust company’s financial policies, accounting and internal controls, trust accounting, internal auditing, trust administration, trusteeship and compliance with all laws and rules governing the licensed trust company’s operations;
(b)identified, addressed and monitored the risks associated with the business activities of the licensed trust company;
(c)set out in writing the limits of the discretionary powers of each officer, committee, sub-committee or other group of persons of the licensed trust company empowered to commit the licensed trust company to any financial undertaking or to expose the licensed trust company to a risk of any nature; and
(d)ensured —
(i)that the licensed trust company keeps a written record of the steps taken by it to monitor compliance with its policies, the limits on discretionary powers and its accounting and operating procedures;
(ii)that the business activities of the licensed trust company are subject to adequate internal audit, and that the internal audit of the licensed trust company includes inquiring into the licensed trust company’s compliance with all relevant laws; and
(iii)the accuracy, correctness and completeness of any report, book or statement submitted by the licensed trust company to its head office (if any) or to the Authority.