Guidelines
 Published Date: 01 July 2014

​Guidelines on Risk Management Practices – Internal Controls

Guidance to financial institutions on sound practices for their internal control environment and business process controls.
Applies to: Full Bank (Locally Incorporated) , Full Bank (Branch) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Finance Company , Merchant Bank (Locally Incorporated) , Merchant Bank (Branch) , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Financial Holding Company (Insurance) , Dealing in Capital Markets Products , Product Financing , Licensed Fund Management Company , Corporate Finance Advisory , REIT Management , Registered Fund Management Company , Credit Rating Agency , Securities Crowdfunding , Venture Capital Fund Management Company , Exempt Futures Broker , Exempt OTC Derivatives Broker , Providing Custodial Services , Exempt Corporate Finance Adviser Serving Accredited Investors , Approved CIS Trustee , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , Markets and Exchanges , Clearing House , Benchmark Administrator/Submitter , Holding Company of Exchange or Clearing House , Central Securities Depository , Trade Repository , Credit/Charge Card Issuer , Major Payment Institution , Standard Payment Institution , Money-changing Licensee , Designated Payment System Operator , Designated Payment System Settlement Institution
View Document ​Guidelines on Risk Management Practices – Internal Controls (440.8 KB)

Internal controls are the policies, procedures and processes to ensure the safe and sound management of financial institutions (FIs). These guidelines provide FIs with guidance on sound and prudent internal controls. 

The guidelines cover:

  • The control environment which sets the tone for the control culture of an institution and influences the control consciousness of its staff.
  • Business process controls for specific areas or activities within an FI.