; (II) processes and systems for establishing managerial and employee responsibility for risk management; (III) processes and systems for ensuring the independence of the risk-management function; and (IV) processes and systems to integrate risk management and associated controls with management goals and the compensation structure of the company for the global operations of the company. (iv) The management of risks and risk controls within the parameters of the company’s risk-control framework, and monitoring and testing of the company’s risk controls. (C) Reporting responsibilities A chief risk officer shall— (i) report directly to both the risk committee described under paragraph (3) and the chief executive officer of the company; and (ii) be responsible for reporting risk-management deficiencies and emerging risks to the risk committee described under paragraph (3) and resolving risk-management deficiencies in a timely manner. (D) Vacancies (i) Notification to regulators With respect to a chief risk officer required by this subsection, if the office of a chief risk officer becomes vacant, the company shall— (I) not later than 24 hours after such vacancy occurs, notify the primary financial regulatory agency of the company, the primary financial regulatory agency of any depository institution subsidiary of the company, and any State agency with supervisory authority over the company or any depository institution subsidiary of the company of such vacancy