Volume 2 — Governance and ControlsGovernance and Controls © Copyright 2002, All rights reserved 48 2. Oversight Responsibilities and Organizational Structure • Overview. • Organizational structure and reporting relationships. • Board of directors. − Purpose of board of directors’ committee. − Board of directors’ committee responsibilities. • Risk oversight committee (ROC). − Purpose of the ROC. − ROC membership. − ROC governance and meeting frequency. − ROC responsibilities. • Audit committee. • Front office. − Front-office policies. − Front-office responsibilities. • Middle office. − Middle-office policies. − Middle-office responsibilities. • Back office. − Back-office policies. − Back-office responsibilities. • Support. − Tax department responsibilities. − Legal department responsibilities. − Internal audit department responsibilities. • Operating company responsibilities. • System technology. 3. General Policy Statement • Business objectives and strategies. • Identified risks. • Risk controls: