NBE issues risk-based internal audit directiveExperts opine it will streamline efficiency across the sector
National Bank of Ethiopia (NBE) issues a risk-based internal audit (RBIA) directive for insurers.
As per the views of the sector experts, the directive enacts similar fundamental issues to that issued for banks in mid-2020 with the aim to enhance soundness in the insurance sector much like that of the financial sector as it continues to modernize.
A few months back, senior leaders in the insurance sector had a bit of mixed reaction on the matter, with debates on the relevance of the directive being questioned since insurers by default were general risk-based run; while some opined that the directive was more relevant for banks as opposed to their sector.
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