senior management
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- (1) (in BIPRU 7.10 (Use of a value at risk model) and in relation to a firm) the firm's governing body and those of the firm's senior managers and other senior management who have responsibilities relating to the measurement and control of the risks which the firm's VaR model is designed to measure or whose responsibilities require them to take into account those risks.
- (2) (in SYSC and IFPRU and in accordance with article 3(9) of CRD) those persons who are a natural person and who exercise executive functions in an institution and who are responsible and accountable to the management body for the day-to-day management of the institution.