In this respect, please read our Confidentiality Terms.
A roundup of recent banking regulatory matters including a look at what’s on the current regulatory radar, the revision of the Internal Rating Based (IRB) Approach, the operational risk from a cyber-security perspective and data management – the implementation of BCBS 239.
Regulatory Alert 01 - Penalties between 50,000 and 100,000 lei for failure to organize and perform internal audit activities
Law 162/2017 of 06 July 2017 sets out penalties for failure to comply with internal audit and audit committee requirements, namely for:
- Failure to organize and perform the internal audit activity by entities whose financial statements are subject to statutory audit;
- Lack of an audit committee within public-interest entities.