Michael Bank has suffered a huge loss in the foreign exchange market by making a mistake in the trading position of British Pound. The management of the Michael Bank has reported to the Hong Kong Monetary Authority and proposed some reforms within one week. The management first decided to reform the risk management framework including the organization structure to improve their management system in the future to avoid similar issues. However, no action has been taken before the deadline because the management cannot reach a consensus on the remedial actions. What are the consequences for Michael Bank? Provide the answers in points form. You are required to keep the answer as concise and relevant to the question as possible and must not include irrelevant answers. Please note that 1 mark will be deducted from the total mark of this question for every wrong or irrelevant answers provided. (5 Marks)