Regulatory Alerts2024-09-01
On the Internal Control of Credit Institutions
The Bank of the Republic of Burundi issued Circular No. 07/2018 to mandate comprehensive internal control frameworks for all credit institutions, replacing the 2017 version. The regulation establishes a three-tier control structure, defines strict governance roles for the Board of Directors and General Management, and mandates robust internal audit functions with independent reporting lines to an Audit Committee. It further imposes strict outsourcing controls, detailed audit trail requirements, and annual reporting obligations to ensure operational integrity, risk mitigation, and regulatory compliance.
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