All microfinance institutions must have a formal disclosure policy as part of their overall communications strategy approved by the Board of Directors (and supported by documented procedures) that addresses the disclosures that the microfinance institution makes and the internal controls over the disclosure process. In addition, all microfinance institutions must carry out an annual review of the validity of their disclosures (in terms of scope and accuracy) as outlined in Modules BR and Paragraph AA-3.2.1.