Regulatory Alerts2023-07-06
Added · Updated
Instruction No. 17 (Modification No. 3) on Prudential Rules for Internal Control in Credit Institutions and Financial Companies
This instruction establishes prudential rules for internal control systems applicable to credit institutions and financial companies in the Democratic Republic of Congo, including banks, savings banks, factoring companies, and electronic money institutions. It mandates the establishment of an internal control framework comprising operational controls, accounting controls, documentation systems, and IT security measures, with specific requirements for segregation of duties, audit trails, and cybersecurity incident reporting. The governing bodies and executive management are held responsible for defining risk appetite, approving internal control policies, and ensuring the adequacy of resources and procedures to manage risks effectively.
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