Article 17 Audit and internal validation governance

Competent authorities shall assess that an institution's audit and internal validation governance is of a high quality by confirming at least the following:

  1. (a)

    that audit programs for reviewing the AMA framework cover all significant activities that could expose the institution to material operational risk, including outsourced activities;

  2. (b)

    that the internal validation techniques are proportionate to changing market and operating conditions, and that their outcomes are subject to audit review.