Regulatory Alerts2022-09-19
Instruction No. 247 on the Formation of Risk Management and Internal Control Systems in Credit Financial Organizations
The National Bank of Tajikistan issued Instruction No. 247 to establish mandatory risk management and internal control frameworks for credit financial organizations, including banks, microcredit deposit institutions, and Islamic financial entities. The regulation defines core risk categories, mandates the establishment of Supervisory Board committees (Audit and Risk Management), and requires organizations to implement comprehensive policies, stress testing, scenario analysis, and risk appetite frameworks aligned with their size and complexity. It further standardizes organizational structures, internal audit functions, and compliance monitoring to ensure financial stability, regulatory adherence, and effective corporate governance.
Share