Central Bank of Cyprus - Governance and Management Arrangements

Frameworks

Corporate Governance

Central Bank of Cyprus

If you wish to better understand the Directive of the Central Bank of Cyprus Corporate Governance Framework, in respect of Governance and Management Arrangements in Credit Institutions – 2014, then please access the following download.

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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

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