According to Regulation COBAC R-2016/04 relative to internal control in credit institutions and financial holding companies, the deliberative body ensures that the executive body has implemented and monitors the internal control system.

To this end, at least once a year, it examines the activities and results of the internal control system on the basis of information sent to it by the executive body in the form provided for in these regulations.

The deliberative body is responsible for;

  • Defining and reviewing at least once a year all the business strategies and significant policies of the reporting entity,

  • Understanding the main risks incurred by the reporting entity,

  • Approve the overall risk management policy and the strategic guidelines for managing each individual risk,

  • Set limits for these risks and ensure that the entity takes the necessary measures to identify, measure, monitor and control these risks with a view to mitigating or controlling them etc.

As part of the internal control system, the deliberative body’s duties include;

  • Supervise the implementation of the internal control system,

  • Approving the internal audit charter referred to in these regulations and the audit programme, after obtaining the opinion of the audit committee,

  • Ensuring that the activities of the reporting entity are fully covered by internal controls and external audits,

  • Ensure that the internal control system is appropriate for the activities of the reporting entity etc.
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