Sound Governance and Internal Control Framework
What this control requires
Implement a sound and adequate governance framework as required by Article 21. Framework must include: clear organisational structure with defined responsibilities, internal control functions (risk management, compliance, internal audit), effective administrative and accounting procedures, and robust IT systems.
Other LOI PI 2018 controls
BEPI-A10-001 - Administrative File Completeness and CurrencyBEPI-A17-001 - Initial Capital Maintenance and MonitoringBEPI-A20-001 - Management Fitness and Propriety ProgrammeBEPI-A47-001 - Client Funds Safeguarding ControlsBEPI-A50-001 - Own Funds Adequacy MonitoringBEPI-A53-001 - Risk Management Function ImplementationBEPI-A55-001 - Compliance Function and AML/CFT OversightBEPI-A58-001 - Payment Security Incident Reporting to NBBBEPI-A63-001 - NBB On-Site Inspection ReadinessBEPI-A9-001 - NBB Authorisation — Pre-Application Readiness Assessment