162. Competent authorities should verify that the heads of the internal control functions fulfil …

Competent authorities should verify that the heads of the internal control functions fulfil the following requirements: 9.4.1.1.1.1 will be established at an adequate hierarchical level that provides the head of the control function with the appropriate authority and stature needed to fulfil his or her responsibilities;

9.4.1.1.1.2 will be independent of the business lines or units they control;

9.4.1.1.1.3 will report and be directly accountable to the management body, and their performance should be reviewed by the management body;

9.4.1.1.1.4 where necessary, will have access and report directly to the management body in its supervisory function in order to raise concerns and warn the supervisory function, where appropriate, when specific developments affect or may affect the institution.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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