Regulatory Alerts2012-07-05
Added · Updated
BCBS Revised Guidance on Internal Audit Function in Banks
The Basel Committee on Banking Supervision issued revised guidance to strengthen the internal audit function within banks. The document mandates that internal audit must possess sufficient independence, authority, and resources to effectively assess risk management and control processes. It further requires banks to ensure their internal audit activities are aligned with international standards and regulatory expectations to enhance overall governance.
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