Central Bank of Cyprus

Central Bank of Cyprus – Governance and Management Arrangements in Credit Institutions – 2014. Covering:

Part I – Title, Scope and Level of Application and Definitions

Part II – General Requirements

Part III – Management Body

Section 1 – Requirements on the composition, organisation and functioning of the management body and access to information and resources

Section 2 – Requirements on the nomination, selection and succession of members of the management body and the evaluation of the management body

Section 3 – Key roles and responsibilities of the management body

Section 4 – Individual duties of members of the management body

Section 5 – Role and responsibilities of the chairperson of the management body

Section 6 – Roles and responsibilities of the senior independent member of the management body

Section 7 – Roles and responsibilities of the company secretary

Part IV – Committees of the management body

Section 1 – General Requirements

Section 2 – Audit Committee

Section 3 – Risk Committee

Section 4 – Remuneration Committee

Section 5 – Nominations and Internal Governance Committee

Part V – Senior Management

Part VI – Remuneration Framework

Part VII – Framework for Business Conduct

Part VII – Compliance Framework

Part IX – Framework for the Treatment of Risk

Section 1 – Risk culture and risk appetite

Section 2 – Risk management framework

Subsection 2.1 – General requirements

Subsection 2.2 – treatment of specific risks

Subsection 2.3 – Treatment of new products and markets and non-standard or non-transparent activities

Part X – Internal Control Framework

Section 1 – General requirements

Section 2 – Internal Control System

Section 3 – Internal control functions

Subsection 3.1 – General requirements for control functions

Subsection 3.2 – Risk management function

Subsection 3.3 – Compliance function

Subsection 3.4 – Information security function

Subsection 3.5 – Internal audit function

Section 4 – External assessment of the internal control framework

Part XI – Information Systems and Business Continuity

Part XII – Transparency

Part XIII – Reporting to the Central Bank

Part XIV – Miscellaneous

Appendix 1 – Contents of the report on the assessment of the adequacy of internal control framework prepared by external auditors

Appendix 2 – Outsourcing

Appendix 3 – Principles for a sound and an effective operation of information technology systems