Bank of Mozambique extends special surveillance to bank managers

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Bank of Mozambique extends special surveillance to bank managers

12:13 CAT | 18 Feb 2020

Photo: A Verdade

In addition to the management bodies of credit institutions and financial companies, the Bank of Mozambique (BM) is extending its special surveillance to holders of internal audit and risk control positions.

The BM’s first public action in 2020 has been to strengthen its supervision, extending the special register of holders of relevant positions in commercial banks and credit institutions not only to those who are members of the administration, but also to the managers responsible for internal audit and control and risk management.

Through Notice No. 1 / GBM / 2020, the central bank specifies that risk control and management functions must include: credit risk, liquidity risk, interest rate risk, exchange rate risk, operational risk, strategic risk, reputational risk, compliance risk and information technology risk.

Banks have 90 days to comply with the new rules, which also allow, at any time, for “a new assessment of the suitability of the holders of relevant management positions of credit institutions and financial companies based on circumstances already verified at the time of [their] appointment or based on any supervening circumstances”.

By Adérito Caldeira

Source: A Verdade