Volume 2 — Governance and ControlsGovernance and Controls © Copyright 2002, All rights reserved 49 − Segregation of duties and responsibilities. − Independent oversight and monitoring. − Risk limit structures. • Trading products and approval. 4. Market Risk Management • Market risk identification. • Risk measurement. • Risk limits, monitoring, and compliance. • Valuation and model approval. • Risk reporting. 5. Credit Risk Management • Credit risk identification. • Credit risk measurement. • Credit risk limits, monitoring, and compliance. • Credit risk reporting. 6. Non-Commodity Risk Management • Non-commodity risk identification. • Non-commodity risk measurement and monitoring. • Reporting. 2.0 Risk Control Operational Procedures The operational procedures provide guidelines and operation steps that each business unit should follow in conducting its operation. The policies and procedures should be designed according to the overall principles outlined in the risk policy and tailored to the roles and responsibilities of each business area. The following is a list of typical operational procedures. 1. Front-Office Processes • Business development. • Trading, marketing, and origination. • Structuring. • Pricing. • Deal entry. • Logistics.