Transcription of Framework for internal control systems in banking ...
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Framework for internal control systems in banking ...
internal control systems1 Framework FOR internal control systems INBANKING ORGANISATIONS(September 1998) part of its on-going efforts to address bank supervisory issues and enhancesupervision through guidance that encourages sound risk management practices, the BasleCommittee on banking Supervision is issuing this Framework for the evaluation of internalcontrol systems . A system of effective internal controls is a critical component of bankmanagement and a foundation for the safe and sound operation of banking organisations.
effectiveness of the internal control system. Principle 3: The board of directors and senior management are responsible for promoting high ethical and integrity standards, and for establishing a culture within the organisation that emphasises and demonstrates to all levels of personnel the
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