Regulatory Alerts2023-07-06
Added · Updated
Instruction No. 008 on Prudential Rules for Internal Control and Risk Management in Microfinance Institutions (Modification No. 1)
This instruction establishes prudential rules for internal control and risk management applicable to microfinance institutions, including credit and savings cooperatives, microfinance companies, and micro-credit enterprises. It mandates the implementation of a three-tier internal control system comprising first-level operational controls, second-level compliance and risk management functions, and independent third-level internal audit. The document defines key governance roles, risk appetite frameworks, and specific requirements for accounting controls, documentation, and information security, including the appointment of a dedicated IT security officer.
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