Governance: Internal control and control functions
08 November 2013
Supervision
Supervision label
Factsheet
Financial undertakings should have in place a good governance system. One aspect of good governance is the presence of control functions, such as a risk control function, a compliance function and an internal audit function
Institutions should have an internal control framework (second line of defence). The control function plays an important role in the assessment of the efficiency of this internal control framework within the institution. In organisational terms, the control functions must be separate from the units over which they exercise control, and the executive board must be able to rely on the work of the control functions.
Control functions which a financial undertaking should possess include:
- chief risk officer: responsible for the risk control function
- compliance function
- risk management function
- internal audit function
And in the case of insurers also:
- external audit function
- auctorial function
Elements of governance system
- Corporate governance
- Governance
- Governance and Sound Operational Management
- Governance: Management and internal supervision
- Governance: Risk management system
- Governance Supervision of IT risks management
- Governance: Outsourcing
- Governance: Statutory requirements with respect to management of IT risks
- Good practices for managing outsourcing risks
- Results of penetration tests (pentests) research theme
- Q&A Governance of risk management at insurers
- Q&A Assessment Framework for DNB Information Security Examination