Internal Control Framework
The ESM internal control framework is embedded in the ESM’s daily operations and reflects the nature, complexity and risks inherent in ESM activities. The ESM internal controls are aligned with the principles of the Basel Committee’s Framework for Internal Control Systems in Banking Organisations.
The Managing Director, under the direction of the Board of Directors, is responsible for the ongoing maintenance of the ESM internal control framework. Assisted by the Management Board, the Managing Director sets a strong tone from the top and oversees internal controls across all areas of the ESM.
The ESM applies the following categories of internal controls: