- Responsible for reporting to management and the Audit Committee (as delegated by the board of directors) on the adequacy and effectiveness of the Bank’s systems of internal control, together with ideas, counsel, and recommendations to improve the systems.
- Evaluating the effectiveness of control systems and thus contributing to their ongoing effectiveness.
- Periodically report the results of its activities in the monitoring of Bank’s internal control system to the Audit Committee.
- Furnish the Audit Committee and senior management with observations, impact recommendations, action plans and timelines co-developed with management concerning control activities that are audited;
- Extend the coverage of its activities to all areas of the Company including strategic, operational, financial and regulatory processes and initiatives as per the annual plan approved by the Audit Committee
- Report on the status of implementation of corrective action relating to its observations to senior management and the Audit Committee.