RegAlert2024-05-23 | CBE2.2Added · Updated
CBE Regulation Book 2.2 - Internal Control in Banks
The Central Bank of Egypt mandates that banks establish and maintain an internal control framework to ensure the safety of assets, compliance with laws, and effective risk management. The regulation defines the responsibilities of the Board of Directors and senior management, requiring the establishment of specific functions including internal audit, legal affairs, and risk management. It sets specific requirements for the independence of internal audit, the composition and authority of the audit committee, and the management of outsourcing and third-party service providers. The document also outlines the duties of the legal department and the risk management function, including stress testing and the alignment of remuneration policies with risk management principles.
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Chapter Two: Internal Control in Banks
The Central Bank of Egypt has intensified its efforts to ensure that the internal control and risk management framework in banks is established and implemented effectively, by issuing this regulation to the Board of Directors of the Central Bank of Egypt in its session held on 19 August 2014, which approved the regulation on internal control and risk management in banks, with the following:
First: The purpose of this regulation is to ensure the continued availability of the necessary administrative and technical resources for the implementation of the provisions of this regulation, provided that banks have the ability to implement it within six months from the date of its publication.
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Lineage: In force
Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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