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Implementation of Bank of Algeria Regulation No. 11/08 at Popular Credit of Algeria (PCA)

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Background

The Basel Committee recommends that banks implement an effective internal control system. In response to this recommendation, the Bank of Algeria promulgated Regulation n° 03/02 relating to internal control for banks and financial establishments in 2002.

Key Components of the Regulation

• Recommendations from the Basel Committee
• Adoption by the Bank of Algeria in 2002

Repeal and Replacement

In November 2011, Regulation n° 03/02 was repealed and replaced by Regulation n° 08/11. The new regulation retained the previous internal control components and added a governance component.

Key Changes in Regulation No. 08/11

• Retention of existing internal control components
• Addition of a governance component

Implementation at Popular Credit of Algeria (PCA)

The PCA has made significant efforts to implement the recommendations of Regulation n° 08/11 related to internal control and governance.

Key Initiatives Implemented by PCA

• Creation of an ethics committee in [Year] to ensure good conduct and ethics within the bank.
• Establishment of a project direction in 2013 to implement recommendations for improving the internal control system.
• Renewal of the banking strategy committee in 2014, which meets quarterly to define and supervise the bank’s development strategy.
• Creation of a risk committee in 2017 to measure and monitor risks run by the bank.
• Establishment of an information systems division in 2018 to design, manage, and implement the bank’s policy on information systems.

Conclusion

The PCA has made significant efforts to implement the recommendations of Regulation n° 08/11 related to internal control and governance. The bank’s internal control system has been strengthened through the creation of new committees and divisions.