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OM-8.2.29

Although a framework of formal, written policies and procedures is critical, it needs to be reinforced through a strong control culture that promotes sound risk management practices. Both the board of directors and senior management are responsible for establishing a strong internal control culture in which control activities are an integral part of the regular activities of a bank. Controls that are an integral part of the regular activities enable quick responses to changing conditions and avoid unnecessary costs.

Added: April 2008