Volume 2 — Governance and ControlsGovernance and Controls © Copyright 2002, All rights reserved 4 Also discussed in this document are support areas such as legal, internal audit, information technology, and treasury, which play active roles in reducing the business risk profile of a trading and marketing operation. 2.0 Oversight The oversight functions follow a strategic, tactical, and operational corporate hierarchy, as shown in Figure 1. (This chart is not intended to depict an organizational structure, but rather to represent functional relationships and accountabilities.) Figure 1. Levels of Risk Governance and Control Operational \ Control \ Support Tactical \ Policy Strategic \ Governance Board of Directors Risk Oversight Committee (the “ROC”) Commercial Senior Management Chief Risk Officer Chief Financial Officer Front Offices(s) Corporate Risk Management & Middle Office(s) Back Office(s)