Regulatory Alerts2013-08-29
Internal Control and Internal Audit of Microfinance Institutions
The Central Bank of the Republic of Kosovo mandates that all registered microfinance institutions and foreign branches establish robust internal control systems aligned with their operational complexity and risk profiles. The regulation assigns specific oversight duties to boards and senior management while requiring continuous risk assessment, strict segregation of duties, and reliable information infrastructure. It further standardizes the internal audit function by enforcing operational independence, formalized audit charters, qualified personnel, and direct reporting channels to both the board and the regulator.
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