Bank of Russia recommendations for internal control / internal audit / risk management heads at financial institutions
The regulator expects the recommendations to assist in efforts to improve corporate governance and contribute towards a professional, honest and responsible approach of a manager to performance of their duties.
The recommendations do not offer a harmonised behaviour model for heads of internal control, internal audit and risk management functions: they lay out general approaches recommended for practical use. Bank of Russia Commission decisions in respect of business reputation of heads of such divisions were taken into account.
The information letter ‘Recommendations for Heads of Internal Control, Internal Audit, Risk Management Services at Financial Institutions’ supplements the series of previously published recommendations for board members and executive bodies of financial institutions as well as recommendations on risk management practices, internal control, internal audit, and the operations of an audit committee of the board of directors at public joint-stock companies.