EXIMBANK IMPLEMENTS CONSULTING PROJECT AND IMPLEMENTING CIRCULAR 13 WITH FULL CONSULTATION FROM KPMG
On July 31, 2019, Vietnam Import-Export Commercial Joint Stock Bank (Eximbank) officially signed a consulting service contract with the consulting contractor, KPMG Tax and Consulting Company Limited (KPMG) - A Among the four leading Big Four auditing companies in the world, KPMG will advise Eximbank on all components of Circular 13 to ensure that Eximbank meets the highest standards as usual. internationally on building internal control systems.
Mr. Nguyen Ho Hoang Vu (3rd from right) - Deputy General Director of Eximbank represented the signing with Mr. Nguyen Cong Ai - General Director of KPMG
Evaluating the implementation of Circular 13 is not only a matter of compliance but more importantly the assurance of safety, survival and development of each bank in today's competitive market. Representative of Eximbank, Mr. Nguyen Canh Vinh – Acting General Director said: "We appreciate this cooperative relationship, especially the trust in KMPG - an experienced consulting unit that will provide Eximbank with effective solutions in implementing implementing Circular 13 of the State Bank. This cooperation also demonstrates Eximbank's commitment to building and developing a strong, modern risk management system according to international practices."
Representative of KPMG, Mr. Nguyen Cong Ai - General Director shared: "KPMG has a lot of experience and this is not the first time we have participated in a project in the field of risk management for the banking industry. We look forward to bringing all our experience and knowledge to contribute to the development of Eximbank in the coming time. We understand that building a risk management system is extremely important, not only for risk management but also to serve Eximbank's future development orientation. During the next 10-12 months, the two sides will work closely together to build a risk management system. helps Eximbank compete successfully in the financial market, while ensuring Eximbank achieves high levels of compliance and success in its operations. Once again, I would like to thank the Eximbank Board of Directors as well as The project team chose KPMG as the consulting contractor. KPMG also committed to mobilizing the best resources of KPMG as well as the global KPMG system to best serve the project's goals."
Circular No. 13/2018/TT-NHNN is the legal basis, providing the necessary standards and criteria for the banking supervision and inspection agency to evaluate the quality of internal control and management activities. Risk management and internal audit of credit institutions aim to reduce violations, the possibility of losses, the risk of insolvency and failure of the banking system.
The State Bank of Vietnam has issued Circular No. 13/2018/TT-NHNN more fully regulating the internal control system of commercial banks with many changes, especially the synchronous legal framework for control work. internally, helping to prevent, warn and manage risks. Accordingly, the internal control system is prominently regulated according to three independent lines of defense to control, prevent, detect and handle promptly. risks in banking activities. Circular 13 also stipulates that the internal control system performs five functions: senior management supervision, internal control, risk management, internal assessment of capital adequacy and internal audit. set.