NBB Circular 2011/09 — Internal Governance PI
NBB supervisory expectations on governance, risk, compliance, internal audit for PIs.
Sectors
Articles (72)
/2 of the Banking Act dated 25 April 2014 are not required to submit a report on the effectiveness oBE_NBB_CIRCULAR_2011_09Scope - Legal basisBE_NBB_CIRCULAR_2012_11DefinitionsBE_NBB_CIRCULAR_2012_11Principles relating to the compliance functionBE_NBB_CIRCULAR_2012_11
The compliance function is responsible for identifying and assessing the complianBE_NBB_CIRCULAR_2012_11
The board of directors takes the initiative for promoting an integrity-based busiBE_NBB_CIRCULAR_2012_11
The board of directors sees to it that senior management takes the necessary measBE_NBB_CIRCULAR_2012_11
Senior management takes the necessary measures for the institution to permanentlyBE_NBB_CIRCULAR_2012_11
At appropriate intervals and at least once a year, the compliance function reportBE_NBB_CIRCULAR_2012_11
The compliance function is part of a coherent whole of transversal control functiBE_NBB_CIRCULAR_2012_11
The compliance function should be independent of the institution's operational acBE_NBB_CIRCULAR_2012_11
Each institution sees to it that the compliance function is organized in an approBE_NBB_CIRCULAR_2012_11
The compliance function should have the necessary resources, both human and materBE_NBB_CIRCULAR_2012_11
Each institution should take care that the head and the staff members of the compBE_NBB_CIRCULAR_2012_11
The integrity policy and compliance function within a group are managed centrallyBE_NBB_CIRCULAR_2012_11
In smaller institutions, the compliance function can be performed by a member ofBE_NBB_CIRCULAR_2012_11
Senior management is responsible for managing the compliance risk. To this effectBE_NBB_CIRCULAR_2012_11
The responsibility of the institution to comply with laws and regulations, must nBE_NBB_CIRCULAR_2012_11Article Section 1BE_NBB_CIRCULAR_2015_322.5. Responsibility of the senior management, where applicable the managementBE_NBB_CIRCULAR_2015_323.3. Governance of the internal audit functionBE_NBB_CIRCULAR_2015_322.1. Definition and componentsBE_NBB_CIRCULAR_2015_322.2. General internal control measuresBE_NBB_CIRCULAR_2015_322.3. Specific internal control measuresBE_NBB_CIRCULAR_2015_322.4. Responsibility of the management bodyBE_NBB_CIRCULAR_2015_322.5. Responsibility of the senior management, where applicable the management committBE_NBB_CIRCULAR_2015_323.1. PurposeBE_NBB_CIRCULAR_2015_323.2. Key features of the internal audit functionBE_NBB_CIRCULAR_2015_323.3. Governance of the internal audit functionBE_NBB_CIRCULAR_2015_32Each institution must have an internal control system appropriate to its activities orBE_NBB_CIRCULAR_2015_32The management body of the institution, where applicable through the audit committee,BE_NBB_CIRCULAR_2015_32The senior management of the institution, where applicable the management committee,BE_NBB_CIRCULAR_2015_32The senior management of the institution, where applicable the management committee,BE_NBB_CIRCULAR_2015_32An effective internal audit function should independently provide reasonable assuranceBE_NBB_CIRCULAR_2015_32The internal audit function must be independent of the audited activities. This requiresBE_NBB_CIRCULAR_2015_32Professional competence, including the knowledge and experience of each internalBE_NBB_CIRCULAR_2015_32Internal auditors must act with integrityBE_NBB_CIRCULAR_2015_32Each institution should have an internal audit charter that, at a minimum, shouldBE_NBB_CIRCULAR_2015_32Every activity and every entity of the institution should fall within the scope of theBE_NBB_CIRCULAR_2015_32The internal audit function should ensure that its audit plan adequately coversBE_NBB_CIRCULAR_2015_32The management body, where applicable through the audit committee, should overseeBE_NBB_CIRCULAR_2015_32The management body and the senior management, where applicable the managementBE_NBB_CIRCULAR_2015_32The head of the internal audit function should be responsible for the properBE_NBB_CIRCULAR_2015_32The internal audit function is part of a coherent set of independent control functionsBE_NBB_CIRCULAR_2015_32In order to guarantee an independent internal audit function for each component of aBE_NBB_CIRCULAR_2015_32The internal audit function cannot be outsourced as a whole; outsourcing should beBE_NBB_CIRCULAR_2015_32By way of derogation from Article 19, paragraph 1, but without prejudice to Article 19,BE_NBB_CIRCULAR_2015_32The internal audit function of the institution should have regular communication withBE_NBB_CIRCULAR_2015_32, §§ 1 and 3 respectively of the Law of 21 December 2009 on the legal status of payment institutionsBE_NBB_CIRCULAR_2015_32Each institution should have an internal audit charter that, at a minimum, shouldBE_NBB_CIRCULAR_2015_32The internal audit function should be accountable to the management body, whereBE_NBB_CIRCULAR_2015_32ContextBE_NBB_CIRCULAR_2025_18Scope of Management Committee ReportBE_NBB_CIRCULAR_2025_18Context and Reporting ObligationsBE_NBB_CIRCULAR_2025_18Concepts of organisation and internal controlBE_NBB_CIRCULAR_2025_18Concepts of Organisation and Internal ControlBE_NBB_CIRCULAR_2025_18Content of the reportBE_NBB_CIRCULAR_2025_18Changes compared to the former report on internal controlBE_NBB_CIRCULAR_2025_18Assessment by the management committeeBE_NBB_CIRCULAR_2025_18Statement of measures taken and to be takenBE_NBB_CIRCULAR_2025_18Content of the reportBE_NBB_CIRCULAR_2025_18Format of the reportBE_NBB_CIRCULAR_2025_18Reporting frequencyBE_NBB_CIRCULAR_2025_18Format of the report, reporting frequency and concise summaryBE_NBB_CIRCULAR_2025_18Concise summary (for institutions subject to biennial reporting)BE_NBB_CIRCULAR_2025_18Scope – investment services and activities reportBE_NBB_CIRCULAR_2025_18Scope of applicationBE_NBB_CIRCULAR_2025_18Inclusion of investment services report in the general reportBE_NBB_CIRCULAR_2025_18Scope of Application – Management Committee Statement on Periodic Prudential ReportingBE_NBB_CIRCULAR_2025_18Content and frequencyBE_NBB_CIRCULAR_2025_18Content and Frequency – Management Committee Statement on Periodic Prudential ReportingBE_NBB_CIRCULAR_2025_18Signing and Submission of Management Committee Report and StatementBE_NBB_CIRCULAR_2025_18