Regulatory Alerts2018-04-04
Ordinance No. 59 of 04.04.2018 on the Functions and Duties of Units, Services, and Persons Exercising Risk Management, Internal Control, and Internal Audit in Pension Insurance Companies
The Commission for Financial Supervision issued Ordinance No. 59 to define the specific functions and duties of risk management, internal control, and internal audit units within pension insurance companies. The regulation mandates that these units establish risk identification and measurement methodologies, conduct regular internal audits, and ensure compliance with legal requirements while protecting the interests of insured persons and pensioners. It further requires these entities to report significant risks and violations to the management board and the Commission, ensuring independent oversight and adherence to international auditing standards.
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