Implementation Rules for the Internal Audit and Internal Control System of Specialized Electronic Payment Institutions Article 34

A specialized electronic payment institution shall formulate proper risk management policies and procedures, and establish independent and effective risk management mechanism, by which to assess and monitor the overall risk bearing capacity, current status of risks already incurred, and to determine the risk response strategies and the compliance framework of the risk management procedures.The risk management policies and procedures under the preceding paragraph shall be passed by the board of directors and be reviewed and revised in a timely manner.