Basle Publishes Framework For Internal Controls
THE Basle Committee on Banking Supervision, part of the Bank for International Settlements (BIS), has published a draft framework for the evaluation of banks' internal control systems. The Basle report says recent bank failures and trading losses "could probably have been avoided had banks maintained effective internal control systems", and outlines 14 general principles for the assessment of such systems.
The Basle Committee's framework was released last week to supervisors and banks worldwide
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