Regulatory Alerts2024-05-23 | 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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