Regulatory Alerts1996-01-01
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Bank of Jamaica Standards of Sound Business Practices: Internal Control
The Bank of Jamaica issued this 1996 document to establish minimum internal control standards and a control environment for financial institutions to ensure sound and prudent management. It mandates that Boards of Directors and management implement specific organizational and procedural controls, including codes of conduct, business planning, and risk identification processes. The framework requires clear delegation of authority, segregation of duties, and robust management information systems to safeguard assets and maintain regulatory compliance.
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