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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