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Business Control Principle
Practical Implication
MANAGEMENT OVERVIEW AND CONTROL CULTURE
A board of directors should set business strategy and risk management strategy and be able to ensure that senior management can manage and monitor the implementation of these strategies. The board should ensure that senior management can monitor risk and monitor the effectiveness of internal controls.
A documented business strategy and a separate risk strategy are needed which must be agreed by the governing body of a bank That governing board is responsible for the implementation of these strategies. In general, the board should:
Hold periodic discussions with management about the internal control environment,
Undertake timely reviews of internal reviews,
Ensure that management promptly follow up mendations to enhance controls,
Review the bank’s strategy and risk limits on a regular basis
The members of the board must be qualified for their positions, have a clear understanding of their roles in corporate governance and are not subject to undue influence from management of outside bodies.
Board members must have a finance background and must be independent from all parties both within and outside the bank. The board members must be seen to be acting in the interest of the Bank only
Business Control Principle
Practical Implication
The board can delegate a number of its tasks to mittees covering the following:
A risk mittee,
An mittee,
mittee,
A mittee.
mittees are justified if the bank is large and plex. The mittee would be receiving reports from both the internal audit function