The Risk Management Officer shall file a report to the Board of Directors related to risks every six months, and submit a copy thereof to the Authority. The Board of Directors shall notify the Authority whenever any breach of the risk management system occurs, and report upon the procedures that are to be followed to deal with such. The Board of Directors is responsible for approving policies and procedures for managing the risks of the Licensed Person to ensure that all such risks are defined, rated and managed, and for maintaining continuous monitoring thereof in a proper manner.