Article 14. Requirements for internal control, risk management and other bodies of the Kazakhstan rating Agency of the Law of the Republic of Kazakhstan On Credit Rating Activities

     1. In order to monitor compliance by the credit rating agency and its employees with the requirements of the legislation of the Republic of Kazakhstan on credit rating activities, as well as internal documents, the credit rating agency organizes and ensures the functioning of internal control bodies in accordance with the procedure established by the internal documents of the credit rating agency.

     2. The Internal Control Service is accountable to the Board of Directors.

     3. The Head of the Internal Control Service (controller) is an employee of the credit rating agency and is appointed by the Board of Directors of the credit rating agency.

     4. Based on the results of each completed year, the Internal Control Service conducts an audit of compliance by the credit rating agency and its employees with the requirements of the legislation of the Republic of Kazakhstan on credit rating activities and internal documents, based on the results of which it prepares an annual report of the internal control service. The annual report of the Internal Control Service is approved by the Board of Directors of the credit rating agency.

     5. The Internal Control Service conducts an annual assessment of the effectiveness of the applied rules and procedures specified in Articles 16, 17, 18 and 19 of this Law, in accordance with the procedure provided for in the internal documents of the credit rating agency.

     6. In order to ensure the functioning of the risk management system, the credit rating agency organizes and ensures the functioning of the risk management unit. The Risk Management Unit is independent of the internal audit function and is accountable to the Board of directors of the credit rating agency.

     7. A credit rating agency organizes in its structure a unit responsible for reviewing applications from rated individuals and users of ratings.

     8. A credit rating agency organizes and ensures the functioning of a unit that approves and reviews methodologies.

     The requirements for the composition of the unit responsible for approving and reviewing methodologies are established by the rules for credit rating activities established by the authorized body.

     9. The requirements for the knowledge and skills of rating analysts are determined by the rules of credit rating activities established by the authorized body.

10. In cases where a credit rating agency transfers the functions specified in this article, as well as accounting, personnel management in the field of digital technologies, or analytical work within the framework of credit rating activities, outsourcing, the credit rating agency is responsible for compliance with the legislation of the Republic of Kazakhstan on credit rating activities.

The Law of the Republic of Kazakhstan on Credit Rating Activities  

On credit rating activities, the Law of the Republic of Kazakhstan dated July 23, 2026 No. 351-VIII SAM.  

President    

Republic of Kazakhstan     

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