Internal controls

With regard to CSRBB control policies and procedures, institutions should have appropriate approval processes, reviews and other mechanisms designed to provide a reasonable assurance that risk management objectives are being achieved.

Institutions should have their CSRBB identification, measurement, monitoring and control processes reviewed by an independent auditing function, which may be an internal or external auditor, on a regular basis. In such cases, reports written by internal or external auditors or other equivalent external parties should be made available to relevant competent authorities.