The National Bank Council has held its third session today. It has discussed and adopted the Internal Audit Report for 2015, ascertaining that the Internal Audit Department has fully implemented its Plan of Activities.
The National Bank Council has held its third session today. It has discussed and adopted the Internal Audit Report for 2015, ascertaining that the Internal Audit Department has fully implemented its Plan of Activities.The NBRM Internal Audit has performed its main objectives through systematic assessment and making recommendations toward improvement of the risk management process, adequacy and effectiveness of internal controls, giving assurance of efficient and economical use of resources, safeguarding of assets, reliability and integrity of financial and other information, and compliance with the laws and regulations, internal policies and operating procedures. In 2015, 22 regular audits and one extraordinary audit were performed, making total of 54 recommendations. The recommendations have been monitored on a regular quarterly basis, and the findings of the monitoring have suggested that the recommendations are highly implemented.At the today's session, the National Bank Council has adopted the Decision amending the Decision on requirements for securities in which an authorized bank may invest abroad. The amendments apply to transactions in derivative instruments on the OTC market. Domestic banks use transactions in derivative instruments on the OTC market primarily for the purpose of currency risk management and for managing their foreign currency liquidity. So far, domestic banks could have entered into this type of transactions without limit only with their parent banks, while the amendments to this decision allow other foreign banks to act as a counterparty to the domestic banks at the conclusion of these transactions. This is to ensure preconditions for improving the risk management process of banks and their greater flexibility at the foreign exchange market. The Council also discussed other matters within its jurisdiction.
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