The Board must consist of suitably qualified members, each assessed by the firm and approved by VARA as fit and proper, with documented appointment and removal procedures in the constitutional documents, an annual fit and proper confirmation (and removal where a member no longer qualifies), a chairman, and annual evaluation of the Board, its committees and members. The Board carries full responsibility for the business, compliance and a compliance culture, sets authorisation rules and reporting lines for senior management, supervises delegated authority, reviews performance annually, sets reporting and record retention policies, and ensures induction and regular training on the business, duties and sector risks, reviewing the programme annually.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.