Risk management systems of the Licensed Persons shall include the main aspects that would enable them to determine risks and to manage them in a proper manner, including at the least the following: 1. Credit risks: potential risks of exposure to failure of another party to meet its commitments. 2. Market risks: potential risks of exposure to fluctuations in the market value of assets. 3. Liquidity risks: potential risks of insufficiency of funds required to meet the Licensed Person’s obligations upon maturity. 4. Operations risks: potential risks of failure of financial, administrative or technical systems or human errors. 5. Any other risks that the Licensed Person may incur.