Vietnam: How often does a credit institution have to carry out the internal inspection?

17:40, 27/10/2020

This is the main content of the Circular No. 09/2020/TT-NHNN prescribing information system security in banking operations issued by the State Bank of Vietnam on October 21, 2020.

kiểm tra nội bộ, Thông tư 09/2020/TT-NHNN

According to Article 53 of the Circular No. 09/2020/TT-NHNN of the State Bank of Vietnam, each institution shall carry out the internal inspection as follows:

1. Formulate regulations on internal inspection regarding the work of assurance of information security.

2. Draw up the plan and carry out the work of internal inspection of compliance with regulations laid down in this Circular and those of each institution on assurance of information security at least once a year. With regard to commercial banks and foreign bank branches, the internal inspection shall be conducted by risk management departments or compliance departments at least once a year, and by internal audit departments or independent audit organizations at least once every three years.

3. The result of inspection of assurance of information security of each institution must be specified in a report sent to the legal representative and competent authority of the institution which points out unsolved issues relating to compliance with regulations on information security (if any) which are subject to recommended or proposed resolution plans or measures.

4. Organizing the implementation and reporting of the result of resolution of unsolved issues stated in the report must comply with regulations laid down in Clause 3 of this Article.

View more details at the Circular No. 09/2020/TT-NHNN of the State Bank of Vietnam, effective from January 01, 2021.

Thuy Tram

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