The internal control system of the Development Bank is a combination of internal control, internal audit, organizational chart, local regulatory legal acts defining the strategy, policy, methods and procedures of internal control as well as powers and responsibilities of the Bank’s management bodies and officers.
The purpose of internal control functioning in the Development Bank is to provide for the following:
financial reliability, sustainable, safe and liquid functioning of the Development Bank as a specialized financial institution;
credibility, completeness, fairness and timeliness of creating and presenting of financial, accounting, statistical, management and other statements
compliance with legislation of the Republic of Belarus, local regulatory legal acts, international banking practices and standards, other indicators required for successful performance of the Development Bank, prevention of sanctions and claims from the controlling bodies being imposed, penalties by counter-parties, loss of business reputation or significant financial losses;
The internal control is effected throughout all levels of the Development Bank’s management and organization in accordance with the Articles of Association and other local regulatory legal acts of the Development Bank and is performed by the General Shareholders’ Meeting, Revision Commission, Supervisory Board of the Development Bank, Audit Committee of the Supervisory Board of the Development Bank, Management Board of the Development Bank, Chairman and Deputy Chairpersons of the Management Board, the Chief Accountant, Committees established in line with the resolutions of the Management Board, an officer responsible for the internal control in the Development Bank, by Internal Control Unit, Internal Audit Unit, departments and branch offices of the Development Bank and employees of all levels in accordance with the authorities and duties stipulated by local regulatory legal acts of the Development Bank.
An officer responsible for internal control is appointed within the Development Bank who coordinates and monitors the activities of the departments and their employees performing internal control in separate Development Bank’s departments and (or) in separate areas of activities; arranges for elaboration of local regulatory legal acts regulating the internal control arrangement, provides for creating of management reports regarding internal control state in the Development Bank and for their presentation to the Development Bank’s management bodies.
As approved by the Supervisory Board (resolution dd 20.09.2017 No20) the Head of Internal Control Unit N.N.Kostenevich is appointed an officer responsible for internal control in the Development Bank.
The Internal Control system of the Development Bank is arranged in such a way as to exclude the conflict of interests including between departments (officers) conducting internal control and departments (officers) subject to internal control.
The Development Bank is conducting preliminary, current and consequent control within all areas of the Development Bank’s operations.
The Development Bank is conducting internal monitoring of the internal control system on an ongoing basis by means of supervision over the functioning of internal control system throughout all levels of management.
The internal control system of the Development Bank is checked by the Internal Audit Unit.