#FCPT1423259ANovember 3, 2014 Decree on Internal Control of Enterprises in the Banking, Payment Services, and Investment Services Sector Overseen by the Prudential Control and Resolution Authority
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This law mandates that companies in the banking, payment services, and investment sectors implement robust internal control systems. It ensures these systems are adapted to the size and risk level of the businesses. Companies must comply with both national and applicable European regulations and report to the relevant financial authorities. The focus is to enhance governance and risk management across these sectors.
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Key Changes
- Companies must implement robust internal controls.
- Internal control systems must be tailored to the business's size and risk.
- Compliance with national and European regulations is mandatory.
Obligations
What this law requires
Establish and maintain a robust governance system that includes an adequate internal control mechanism adapted to the size, volume of activities, locations, and nature, scale, and complexity of risks inherent to the business model and activities
Implement a system to control operations and internal procedures as part of internal control mechanisms
Establish accounting organization and information processing systems that meet internal control requirements
Implement systems to measure risks and results, and to monitor and manage risks
Establish a documentation and information system, and a cash and securities flow monitoring system