Article 59. Risk management and internal control system of the Unified Accumulative pension Fund, voluntary accumulative pension funds of the Social Code of the Republic of Kazakhstan
The Unified Accumulative Pension Fund and voluntary accumulative pension funds form a risk management and internal control system that should include:
1) the powers and functional responsibilities for risk management and internal control of the board of directors, the management board, divisions of the unified accumulative pension fund, voluntary accumulative pension funds, and their responsibilities;
2) internal risk management and internal control policies and procedures;
3) limits on the acceptable amount of risks;
4) internal procedures for reporting on risk management and internal control of the bodies of the unified accumulative pension fund, voluntary accumulative pension funds;
5) internal criteria for evaluating the effectiveness of the risk management system.
The procedure for forming a risk management and internal control system is established by a regulatory legal act of the authorized body for regulation, control and supervision of the financial market and financial organizations.
President
Republic of Kazakhstan
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