For immediate release

The Basle Committee on Banking Supervision (Basle Committee) has issued a paper entitled Framework for the Evaluation of Internal Control Systems as part of its ongoing work to improve risk management standards in banks. The paper describes elements that are essential to a sound internal control system and lists fourteen principles for use by supervisory authorities when evaluating banks' internal controls. The internal control framework described in the paper is in the context of international banking organizations and it is consistent with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) document, Internal Control-Integrated Framework. The paper is being distributed to supervisory authorities around the world, to banks and to other interested parties. Comments to the Basle Committee are invited by March 30, 1998. The Basle Committee's paper is attached. The Basle Committee's press release and paper can also be obtained from the Internet (http://www.bis.org) or from the Basle Committee Secretariat at the Bank of International Settlements. Basle Committee press release | Full report (112 KB PDF)

1998 Banking and consumer regulatory policy | 1998 Other announcements