Amendments to the Provisions for the Organisation of Internal Control and Risk Assessment (Management)

The Board of the Bank of Lithuania changed the Provisions for the Organisation of Internal Control and Risk Assessment (Management) approved on 25 September 2008. In view of the fact that currently the international supervisory practice focuses on the trading activity as one of the areas liable to the occurrence of material operational risk, the Provisions for the Organisation of Internal Control and Risk Assessment (Management) define in more detail requirements for the bank management, internal control and management information system, associated with specific operational risk characteristic for the trading activity to primarily preclude the occurrence of potential loss events due to employees cheating in performing trade transactions.