(45)The purpose of assessing the suitability of members of management bodies is to ensure that those members are qualified for their role and are of good repute. Having a robust ‘fit-and-proper’ framework for assessing the suitability of members of the management body and key function holders is a crucial factor in ensuring that institutions are adequately run and their risks are appropriately managed. Existing rules do not ensure that there is a timely suitability assessment of members of the management body by the appointing institution. Furthermore, there are currently no rules for the suitability assessment of key function holders. Moreover, cross-border institutions must navigate through a wide diversity of national rules and processes, which reduces the efficiency of the current framework. The existence of considerably different requirements as regards the suitability assessment across the Union is a particularly relevant issue in the context of the banking union. As a result, it is important to lay down a set of rules at Union level to put in place a more consistent and predictable ‘fit-and-proper’ framework. This will foster supervisory convergence, further enable trust between competent authorities and provide more legal certainty to institutions. ‘Fit-and-proper’ assessments are an important supervisory element along with other mechanisms such as the supervisory review and evaluation process and remuneration rules that together ensure sound governance of institutions.