that apply toparticipate in deposit insurance toqualify for insurable standards, theCDIC carries
out on-site verification of underwriting at newly established financial institutions applying to
participate in deposit insurance, pursuant to Article 5 of the “
Approval Standards for Financial
Institutions Applying to Participate inDeposit Insurance
.” The verification results confirmwhether
financial institution’s riskmanagement system, internal control system, and internal audit system
havebeeneffectivelyestablishedand implemented, aswell asurges financial institutions tomake
improvementswhendeficiencies are found inorder toeffectively reduce insurance risk.
41
ReviewandOutlook
