Regulatory Alerts2017-03-08 | NRP-15Added · Updated
Technical Standards for Internal Audit for Members of the Financial System
The Committee of Standards of the Central Reserve Bank of El Salvador issued Technical Standards NRP-15, effective April 3, 2017, establishing minimum provisions for internal audit activities within members of the financial system. The regulation applies to banks, insurance companies, pension fund administrators, and other supervised entities, requiring them to maintain an independent Internal Audit Unit governed by a Board-approved statute and risk-based methodology. Key obligations include ensuring the Internal Auditor holds a relevant bachelor's degree or equivalent experience, reporting personnel changes to the Superintendence within five business days, and adhering to specific ethical codes and independence requirements.