Article 17 Audit and internal validation governance

Competent authorities shall assess that an institution's audit and internal validation governance is of a high quality by confirming at least the following:

1. (a)

   that audit programs for reviewing the AMA framework cover all significant activities that could expose the institution to material operational risk, including outsourced activities;

2. (b)

   that the internal validation techniques are proportionate to changing market and operating conditions, and that their outcomes are subject to audit review.