Regulatory Alerts2019-07-02 | NBB_2019_15Added · Updated
Expectations regarding the content of the statutory governing body’s report on the assessment of the compliance function
Credit institutions, stockbroking firms, insurance companies, and reinsurance companies must use specified templates to structure their annual statutory governing body reports on the assessment of the compliance function. These reports must include a description of the assessment methodology, the actual assessment based on compliance principles, and the governing body's conclusion with any follow-up actions. Institutions are required to submit these completed templates annually via the eCorporate secure communication platform. For the insurance and reinsurance sector, this report replaces section 4.3 of the Regular Supervisory Report starting in 2020, with significant undertakings submitting both reports annually and less significant ones submitting the report annually alongside the RSR every three years.