Business Environment and Internal Control Factors

From Open Risk Manual

Definition

Business Environment and Internal Control Factors (BEICF) is a regulatory term[1] that denotes the set of tools and information generated internally be a regulated firm to informs is management of Operational Risk

Components

  • Risk and Control Self Assessments
  • Key Risk Indicators / Key Performance Indicators
  • Audit Scores / Audit Findings

References

  1. Basel II Standard

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