24 NCAC 06A .0414         Risk Management Framework

(a)  The Operator shall implement and maintain an effective risk management framework. This framework may be provided in-house by a unit capable of performing this function with appropriate segregation of functions and reporting duties, or by a Supplier.

(b)  The Internal Controls shall contain a description of the risk management framework, including but not limited to:

(1)           automated and manual risk management procedures;

(2)           employee management, including access controls and segregation of duties;

(3)           information regarding identifying and reporting fraud, suspicious conduct, or Suspicious or Illegal Wagering Activity;

(4)           controls ensuring regulatory compliance;

(5)           description of anti-money laundering compliance standards;

(6)           description of software applications that comprise the system used for Wagering;

(7)           description of types of Wagers available to be offered by the Operator;

(8)           description of the procedures to prevent past posting of Wagers;

(9)           description of the procedures to cancel or void a Wager;

(10)         description of the procedures to prevent individuals from placing Wagers as agents or proxies for other Individuals or Persons;

(11)         description of integrated third-party platforms; and

(12)         other information that may be required by the Commission.

History Note:        Authority G.S. 18C-114(a)(14);

Previously adopted as Rule 1D-014;

Eff. January 8, 2024;

Readopted Eff. March 27, 2024.