Regulatory Alerts1998-10-20
Added · Updated
Procedure when Responding to the Examination Report
Banking institutions must distribute full scope examination reports to all Board members at least one week prior to the next Board of Directors’ meeting for discussion. The Board is required to address measures, programmes, and action plans for all issues raised in the report, not just the executive summary, with any Audit Committee response ultimately tabled for Board sanction. The signed response, bearing the chairperson's signature, must reach the Bank within two weeks after the Board meeting. Additionally, institutions must return an acknowledgement of receipt co-signed by external auditors.
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