Regulatory Alerts2012-11-09
Regulation on Internal Controls and Internal Audit
The Central Bank of the Republic of Kosovo issued this regulation to establish comprehensive requirements for internal controls and audit functions across all licensed banks and foreign bank branches operating in Kosovo. Banks must implement robust control systems that encompass risk assessment, segregation of duties, reliable information reporting, and continuous monitoring to mitigate operational and financial risks. The mandate further requires each institution to maintain an independent internal audit department with clear governance, defined reporting lines to the Board of Directors or Audit Committee, and standardized outsourcing and enforcement provisions.
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