It is a continuous, independent internal control in a financial institution, which aims to ensure compliance of legal obligations and obligations arising from internal regulations of a financial institution.
It is an independent, objective assurance activity designed to detect deficiencies and risks in a financial institution that submits recommendations to remedy the identified deficiencies and eliminate the risks, and oversees the adoption and implementation of such recommendations.
COMPLIANCE & INTERNAL AUDIT
Compliance and internal audit are fundamental elements of internal control in financial institutions.
They serve to independently and objectively oversee and control the compliance of obligations stipulated in legal regulations and internal regulations of a financial institution, reporting of the identified deficiencies and risks in the management of a financial institution, and supervision of the adoption and implementation of appropriate remedial measures in order to ensure an efficient management and control system of a financial institution, and thus, minimize the risks associated with its activities.
Both activities are regulated by legislation governing the rules of providing individual financial services (investment services / insurance / collective investment / payment services / etc.).