METHODS OF CONTROLLING CREDIT INFORMATION OFFICES IN CAMEROON
The document and on-site controls carried out by the BEAC aim in particular to assess the operating conditions of the BIC and to ensure that these Credit Information Offices comply with the community, legislative and regulatory provisions issued by the Ministerial Committee of the UMAC, the national monetary authorities, the Banking Commission of Central Africa or the BEAC and which are applicable to them.
The Credit Information Offices are also required to undergo an annual compliance audit, conducted by an external firm.
DOCUMENT CHECKS OF CREDIT INFORMATION OFFICES IN CAMEROON
Documentary control covers in particular the following areas and related risks:
- The operational activities of the Credit Information Bureau;
- Information systems;
- Information security; and
- Governance and internal control.
This control is based on a reporting framework that covers, among other things:
- Information relating to their legal and administrative status, their organization, and the evolution of their financial situation;
- Indicators measuring their activity, related to:
1. The completeness and quality of the information they collect from credit information providers;
2. The degree to which credit information is consulted by credit information users;
3. The structure of the services and products they provide to credit information users;
4. The pricing structure of the services and products they provide.
- Indicators of regulatory compliance, particularly regarding:
1. Corporate governance;
2. Confidentiality;
3. Protection and preservation of customer data and rights;
4. Data reliability;
5. Quality of services offered to users of credit information.
- Indicators for evaluating their internal control and risk management system;
- Information on compliance with professional conduct rules.
The reporting content referred to above, and its updates are communicated by the Central Bank to the approved Credit Information Office within the CEMAC (Economic and Monetary Community of Central Africa).
TIMEFRAME TO TRANSMIT REPORTS BY CREDIT INFORMATION OFFICES IN CAMEROON
The Credit Information Offices in Cameroon transmit to BEAC (Bank of Central African States), on a monthly basis and no later than the fifteenth (15) day following the end of the month in question, the required reporting elements in accordance with the framework communicated to them.
The reporting elements are submitted to the BEAC in paper or electronic format, according to the reporting framework provided by the BEAC.
The BEAC verifies the consistency and accuracy of the reporting elements from the Credit Information Office.
Based on the monthly reporting of the Credit Information Office, the BEAC prepares and provides quarterly summary statements to the Credit Information Office, the Monetary Authorities and COBAC outlining the situation and activities of the office as approved in the CEMAC region.