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designated committee

37(in relation to a firm) a management body of the firm with delegated authority from the firm's governing body for approving either:

  1. (a) (in relation to a firm that uses the IRB approach) all material aspects of the firm's rating systems and material changes to the firm's rating systems; or
  2. (b) (in relation to a firm that uses the advanced measurement approach) all material aspects of the advanced measurement approach as carried out by the firm and material changes to the firm's advanced measurement approach; and
  3. (c) a policy statement defining the firm's overall approach to material aspects of rating and estimation processes for all rating systems including non-material rating systems in relation to the IRB approach, or its overall approach to the advanced measurement approach, as relevant;

at least one of whose members is a member of the firm's governing body.