Transcription of Circular CSSF 12/552
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Circular CSSF 12/552
Circular CSSF 12/552 as amended by Circulars CSSF 13/563, CSSF 14/597, CSSF 16/642, CSSF 16/647, CSSF 17/655, CSSF 20/750, CSSF 20/759 and CSSF 21/785 1/82 Circular CSSF 12/552 as amended by Circulars CSSF 13/563, CSSF 14/597, CSSF 16/642, CSSF 16/647, CSSF 17/655, CSSF 20/750, CSSF 20/759 and CSSF 21/785 CENTRAL ADMINISTRATION, INTERNAL GOVERNANCE AND RISK management Circular CSSF 12/552 as amended by Circulars CSSF 13/563, CSSF 14/597, CSSF 16/642, CSSF 16/647, CSSF 17/655, CSSF 20/750, CSSF 20/759 and CSSF 21/785 2/82 Circular CSSF 12/552 as amended by Circulars CSSF 13/563, CSSF 14/597, CSSF 16/642, CSSF 16/647, CSSF 17/655, CSSF 20/750, CSSF 20/759 and CSSF 21/785 Re: Central administration, internal governance and risk management1 Ladies and Gentlemen, Articles 5(1a) and 38-1 of the Law of 5 April 1993 on the financial sector ( LFS ), supplemented by Regulation CSSF No 15-02 relating to the supervisory review and evaluation ( RCSSF 15-02 ) require credit institutions to have robust internal governance arrangements, which shall include a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which they are or might be exposed, adequate internal control mechanisms, including sound administrative and accounting procedures and remuneration policies and practices allowing and prom
or risk management, the credit institutions shall refer to the principles set out ... 1 To professionals performing lending operations as defined in Article 28 -4 of the Law of 5 April 1993 on the financial sector, Chapter 3 of Part III, with the exception of Sub-chapter 3.4 “Exposures associated with
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