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1.Member States shall require management companies to assess, monitor and periodically review:
(a)the adequacy and effectiveness of the risk management policy and of the arrangements, processes and techniques referred to in Articles 40 and 41;
(b)the level of compliance by the management company with the risk management policy and with arrangements, processes and techniques referred to in Articles 40 and 41;
(c)the adequacy and effectiveness of measures taken to address any deficiencies in the performance of the risk management process.
2.Member States shall require management companies to notify to competent authorities of their home Member State any material changes to the risk management process.
3.Members States shall ensure that requirements laid down in paragraph 1 are subject to review by the competent authorities of the management company’s home Member State on an on-going basis and accordingly when granting authorisation.