Regulatory Alerts2022-04-04
Added · Updated
Risk-Based Internal Audit Directive No. SIB/55/2022
The National Bank of Ethiopia requires all insurance companies and Ethiopian reinsurers to adopt a risk-based internal audit methodology and establish an internal audit function directly responsible to the board of directors. The directive mandates the development of an audit charter, the maintenance of a risk register, and the preparation of annual risk-based audit plans updated quarterly. Insurance companies must submit internal audit reports semiannually within one month after the end of each six-month period and disclose regulatory significance matters to the Insurance Supervision Directorate. Audit working papers must be retained for at least 10 years, and the directive takes effect on April 4, 2022.
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