Regulatory Alerts2015-07-13 | NBB_2015_21Added · Updated
Circular concerning the internal control system and the internal audit function
This circular establishes detailed requirements for credit institutions, stockbroking firms, payment institutions, insurance companies, and other supervised entities to maintain an adequate internal control system and an independent internal audit function. It mandates that management bodies assess internal control effectiveness at least annually and that senior management implement necessary measures, including segregation of functions and risk management protocols. The document specifies that internal audit functions must be independent, governed by a charter approved by the management body, and cannot be fully outsourced, with specific provisions for group structures and smaller institutions.
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