BNB adopted Ordinance No 10 on the organization, management, and internal control of banks. The Ordinance details the requirements for banks' policies, rules, and procedures for the internal organization and management of banks. The internal control framework is systematized by addressing the three levels of protection that each bank has to build—operational control, risk management and normative compliance, and internal audit. The banks are obliged to bring their activity into compliance with the requirements of the Ordinance within three months of its entry into force. This Ordinance repeals Ordinance No. 10 of 2003 on internal control in banks.
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Keywords: Europe, Bulgaria, Banking, Governance, Operational Risk, Internal Control, Ordinance No. 10, BNB
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