Internal Control is an independent second line of defence function which oversees and provides guidance on internal control framework methodologies and reports to senior management on EIB’s control risks. Internal Control has notably the objective to provide a common platform to assess and report on EIB’s control risks and to support the implementation of a coherent and process-driven internal control framework covering main activities and risks of the Bank.
Internal Control also seeks to continuously align the Bank’s internal control framework methodologies with the existing international control standards as well as EU banking regulations references on banks’ governance.
Through its interventions, Internal Control contributes to establish an internal control awareness culture which integrates risk and control dimensions into the decision making. It also fosters information exchange between the lines of defence in order to integrate lessons learned into the existing internal control framework.