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Effective from 2021-12-01 - Dec 31 2021 To view other versions open the versions tab on the right
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The unit must be administratively independent from all other business units with activities subject to review, as well as from the first and second lines of defense, in a complementary manner. The unit should have sufficient organizational status and authority within the bank to perform its tasks objectively. The head of the unit and its staff should not undertake or be assigned any other tasks or work in the bank that could compromise their roles, except for internal audit activities, reviewing, and evaluating the effectiveness and efficiency of the internal control system.
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The unit must have the authority to perform its tasks across all areas of the bank's operations and business units, without any restrictions from the executive management or any source other than its functional reference
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The unit should have the freedom to discuss its views, results, evaluations, and conclusions directly with the Audit Committee and the Board, and to submit its reports directly through a clear organizational structure - functional link - to the Audit Committee.
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The unit should not be involved in the design, selection, implementation, or management of specific internal control procedures. However, its independence does not preclude the executive management from requesting internal audit inputs on matters related to risks and internal control, provided that such advisory roles are well-documented in audit procedures and guidelines, and are not interpreted as conflicting with its independence.
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The rotation of staff in the unit to other business units should be governed by a written policy within its operational framework to avoid conflicts of interest. This includes a mandatory cooling-off period of no less than twelve months between the employee’s time in the unit and their subsequent review of activities in the bank’s operational areas where the rotation occurred.
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The performance rewards for the head of the unit and its staff - if any - should be organized in a way that ensures no conflict of interest or compromise to the unit's independence and ability to work objectively, and in accordance with the relevant instructions issued by the central bank and the bank’s reward policies and practices. Their rewards should not be linked to the financial performance of the business activities subject to internal audit, and the head of the unit’s rewards should be recommended by the Audit Committee in accordance with the bank’s reward policies and practices.
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The head of the unit should confirm annually - at a minimum - the organizational and functional independence of the unit's activities to the Audit Committee, either in a dedicated section of the annual report or through a separate official written statement.
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The unit should have the right to request a meeting with the Audit Committee at any time if there is a need to discuss any topic it wishes to raise.
