Which of the following is nota proper practice of risk management and control for a financial institution with assets in excess of $100 million?
A. A firm's sole mechanism to monitor the implementation of the control policies defined by the board is an external audit firm.
B. A subcommittee of the board is responsible for the approval of risk limits, risk management policies, and delegation of exceptional approval authorities.
C. Senior management is responsible for the day-to-day oversight of the firm's activities, implementing appropriate risk management and control policies, and monitoring the risks and exposures of the firm.
D. Senior management is responsible for establishing written documentation about control procedures at each level of the control hierarchy.