Regulatory Alerts2002-07-26
Added · Updated
COBAC Regulation R-2001/07 on Internal Control in Credit Institutions
COBAC Regulation R-2001/07 mandates that credit institutions establish an internal control system adapted to their size, activities, and risk exposure. The regulation defines the responsibilities of the Executive and Deliberative bodies, requiring the implementation of first-level operational controls and an independent second-level Internal Audit function. It further prescribes specific requirements for internal procedure manuals, accounting organization, information system security, and risk measurement systems covering credit, interest rate, settlement, illiquidity, and market risks.
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