Internal Control Based on Risk Orientation by the State Bank of Vietnam: What Is It?

Regarding the concept of risk-oriented internal control, I have heard about it and would like to ask for an explanation. In order to facilitate my research, I hope the editorial board can provide an answer.

According to Clause 4, Article 3 of Circular 06/2020/TT-NHNN:

Risk-oriented internal control and internal audit are control methods, audits based on identifying and evaluating the probability and level of risk for each activity, operation, process, or in the activities of the unit to apply or implement internal control measures, internal audit in a reasonable and effective manner.

The above is the content of risk-oriented internal control and internal audit as stipulated.

Respectfully!

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