Statement of the Basle Committee on Banking Supervision
BASLE COMMITTEE ON BANKING SUPERVISION
BANK FOR INTERNATIONAL SETTLEMENTS, CH-4002 BASLE
PRESS STATEMENT
As part of its ongoing work to improve risk management standards in banks, the Basle Committee on Banking Supervision is today issuing a paper entitled "Framework for the Evaluation of Internal Control Systems". The document describes the essential elements of a sound internal control system and sets out fourteen principles for use by supervisory authorities when evaluating banks' internal controls.
The paper is being distributed to supervisory authorities around the world, to banks and to other interested parties. Comments are invited by 30th March 1998.
The text of this paper can be obtained from the BIS Web Site on the Internet at http://www.bis.org with effect from 19th January, from national supervisory authorities or from the Basle Committee Secretariat at the Bank for International Settlements.
19th January 1998