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Both the external and internal auditors play a key role in providing an independent assessment of the Bank’s operations and internal controls.

External Audit

KPMG Luxembourg S.à.r.l. is currently the Bank’s statutory auditor. Audit work includes financial and regulatory audits and other assurances that can be provided by the principal auditor.


Internal Audit

Internal Audit performs an independent and objective assurance and consulting function that is designed to add value to the Bank’s operations. Internal Audit is conducted together with Grant Thornton Vectis by means of  a co-sourcing agreement, which assesses the effectiveness of the Bank`s internal control system and the Bank compliance with statutory, legal and regulatory requirements. Based on the results of its risk assessment and the 3-year audit plan, internal audit develops detailed annual audit objectives, defines areas of audit concentration and specifies resource requirements. All findings are communicated to the Management Board and the Supervisory Board.