Circular No. 14/2023/TT-NHNN on internal control systems of non-bank credit institutions: The main content and necessary preparation

    09:00 - 12:00 AM
    14 Dec 2023 
    46th Floor, Keangnam Hanoi Landmark Tower, Plot E6, Pham Hung Street, Cau Giay New Urban Area, Me Tri Ward, South Tu Liem District, Hanoi  
    English & Vietnamese


SBV has just issued Circular No. 14/2023/TT-NHNN dated November 20, 2023 regulating the internal control system of non-bank credit institutions, effective from October 1, 2024. The Circular has 6 chapters and 39 articles regulating internal control systems, risk management and internal audit applicable to financial companies and financial leasing companies.

The contents specified in the Circular will greatly impact the way the internal control system, risk management and internal audit are organized and operated, as well as the high-level supervisory role of the Board of management, Executive Board and Supervisory Board of financial companies and financial leasing companies.

Mastering the regulatory content and the impact of the regulations on the organizational and operational model will help financial and leasing companies quickly prepare and be ready for transformation and complied with legal regulations and objectives set before the effective date of the Circular.


1. KPMG presentation:

- The transformation trend of internal control

- KPMG's view on Circular 14

2. Sharing from regulator's viewpoint on Circular 14

3. Sharing from non-credit institutions on Circular 14

4. Q&A


After completing this session you will be able to understand:

- Main contents/requirements of the Circular;

- Impact of the Circular's content on organization and operations;

- Things to prepare to meet the requirements of the Circular before the effective date

Meet the Speakers

Company team

Pham Do Nhat Vinh

Partner leading Financial sector consulting KPMG in Vietnam

Mr. Vinh has more than 20 years of experience in the field of Risk Management, Banking and Compliance. He has extensive experience in implementing Basel II Regulations and Risk Management for a number of major financial and banking institutions in Vietnam. He has 8 years of experience in managing and working with various organizations such as Word Bank (WB), International Monetary Fund (IMF), Asian Development Bank (ADB), Economic Secretariat. State Bank (SECO), South East Asia Center Bank (SEACEN) on various issues. Before joining KPMG, he worked at the State Bank of Vietnam as senior manager  and leading banks in Vietnam on strategic direction, risk management development and Basel/Risk transformation. He also was DCRO in a top 5 Insurance company and member of Board Risk committee.

Mr. Vinh has participated in many major projects, lasting for many years with leading banks in Vietnam in the fields of: 

+ Banking operations, data governance, credit risk management, market risk, operational risk, ICAAP, Pillar risk 1 and Pillar 2 following Basel II's advanced approaches, Circular 41-NHNN, Circular 13-NHNN, Basel III (ILAAP, LCR, FIRB,...).

+ Developing internal credit rating model for small and medium enterprises.

+ Researching Basel II to deploy in Vietnam, build a Basel II roadmap for the banking system and organize a Basel II training program for the State Bank of Vietnam.

+ Conduct arbitrage analysis on Basel II including ICAAP and material risks (Governance, Policy, Data & IT systems, risk identification and measurement, Reporting) and proposing implementation roadmap for a top 10 commercial bank in Vietnam

+ Supervising and managing the implementation program of Basel II including more than 40 sub-projects and reporting to the Board of Directors of a large commercial bank in Vietnam.

 + Participate in various projects with a number of financial institution to drive strategic engagements including risk strategy development, design governance and risk target operating models and data transformation

 + Develops digital transformation roadmap and evaluates plan to implement digital transformation strategy for 02 major commercial banks.

 + Leading the financial risk management practice to develop many solutions for clients such as IFRS9, model validation, operational risk and compliance solution, Fraud risk indicators, early warning system, intelligent and dynamic reporting.

Company team

Representative from Banking Supervision Agency

Prudential Regulation Department – Banking Supervision Agency


Ms. Nguyen Hoang Anh