A Chief Risk Officer (CRO) at a large financial institution is tasked with reviewing the company's economic capital structure to ensure compliance with industry standards. During this review, the CRO identifies deficiencies in the governance framework and in the methodology used for calculating the total economic capital. Prompted by an internal auditor, the CRO must recommend corrective actions that adhere to best practice guidelines. What specific steps should the CRO suggest to address these issues?