195. The IAF should assess whether the investment firm ’s internal control framework as set out in …

The IAF should assess whether the investment firm ’s internal control framework as set out in Section 15 is both effective and efficient. In particular, the IAF should assess:

• a. the appropriateness of the investment firm ’ s governance framework;
• b. whether existing policies and procedures remain adequate and comply with legal and regulatory requirements and with the risk strategy and risk appetite of the investment firm;
• c. the compliance of the procedures with the applicable laws and regulations and with decisions of the management body;
• d. whether the procedures are correctly and effectively implemented (e.g. compliance of transactions, the level of risk effectively incurred, etc.); and
• e. the adequacy, quality and effectiveness of the controls carried out and the reporting conducted by the business units (first line of defence) and the risk management and compliance functions.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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