The National Bank of Ukraine (NBU) has approved a new resolution streamlining the internal audit organization in Ukrainian banks, according to a posting on the regulator`s website.
The resolution was developed in accordance with the requirements of Ukrainian legislation and international standards and is implemented within the framework of the Comprehensive Program of Ukraine`s Financial Sector Development until 2020, which aims at improving corporate governance.
The regulation specifies the procedure for organization of internal audit in banks and banking groups, principles of the internal audit department functioning, supervision of the bank`s board and the NBU over activities of the internal audit department.
All Ukrainian banks are required to bring their internal documents in compliance with the requirements of the above-mentioned resolution by July 1, 2016.
UNIAN memo. The main objective of the Comprehensive Program of Ukraine`s Financial Sector Development is to build a fully-fledged, efficient and effective financial market in Ukraine, develop all the market segments in a sustainable manner, build its infrastructure and strengthen its resilience to external threats. The measures set out in the Comprehensive Program address three key areas: ensuring financial stability, development of institutional capacity of financial market regulators, as well as consumer and financial market investors` rights protection, according to the NBU.
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