Compliance Monitoring
Institutions must have in place mechanisms to monitor compliance with legal provisions in their activities and processes so that they can assess their degree of risk, suggest corrective internal control measures and enable an effective response to Management Bodies and Regulators.
An adequate and effective Internal Control System is essential for the organization to guarantee:
a) Compliance with the objectives set out in strategic planning;
b) Adequate identification, assessment, monitoring and control of the risks to which the institution is or may be exposed;
c) The existence of complete, relevant, reliable and timely financial and non-financial information.
d) The adoption of sound accounting procedures.
e) Compliance with the legislation, regulations and guidelines applicable to the institution's activity.
c) The existence of complete, relevant, reliable and timely financial and non-financial information.
d) The adoption of sound accounting procedures.
e) Compliance with the legislation, regulations and guidelines applicable to the institution's activity.
