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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. Asystem of strong internal controls can help to ensure that the goals and objectives of a bankingorganisation will be met, that the bank will achieve long-term profitability targets, andmaintain reliable financial and managerial reporting. Such a system can also help to ensurethat the bank will comply with laws and regulations as well as policies, plans, internal rulesand procedures, and decrease the risk of unexpected losses or damage to the bank s paper describes the essential elements of a sound internal control system , drawing uponexperience in member countries and principles established in earlier publications by theCommittee.

Internal control systems 2 effective supervision of internal control systems. More generally, the Committee wishes to emphasise that sound internal controls are essential to the prudent operation of banks and to promoting stability in the financial system as a whole. While the Committee recognises that

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