Responsibilities of heads of units in internal control of the State Bank of Vietnam from August 15, 2020

According to Article 10 of Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam (SBV), from August 15, 2020, in internal control, a head of a unit has the responsibility to:

- establish and maintain an internal control system and organize internal control activities at the unit in accordance with Article 5 through 8 hereof and other relevant regulations of SBV, and be responsible to the Governor for the internal control.

- make and promulgate internal regulations and business processes so as to perform his/her functions and tasks, manage and use assets in accordance with regulations of law, rules and regulations of SBV.

- provide instructions on provision and exploitation of information related to internal control activities at the unit; closely cooperate with the Internal Audit Department in implementing measures to supervise and exploit information concerning risk assessment and warning.

- direct and be in charge of the internal control department/division or internal controllers of the unit; deploy full-time internal controllers at the unit in accordance with the requirements set out in Clauses 6 and 7 Article 6 hereof; enable the internal control department/division and internal controllers to effectively perform its/his/her duties.

- If the unit does not have any internal control department/division or full-time internal controller, the head shall establish and maintain an internal control system which is suitable for the unit’s scale, operation and form of administration, and organize internal control activities in accordance with regulations laid down in this Circular and be responsible to the Governor for the compliance with laws and asset safety assurance by the unit.

View more details at Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam, effective from August 15, 2020.

Le Vy

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