Establishment: July 14, 2013
The Bank deposit insurance law was adopted by the Mongolian parliament on January10, 2013, and laid down the legal basis for the establishment of the Deposit Insurance Corporation of Mongolia (DICoM)with the mandate to protect depositors’ interests and ensure financial stability. The DICoM is a nonprofit, state owned corporation that acts as an independent agency of the Government to implement the deposit insurance scheme. August 16, 2013 it hosted the official opening ceremony among the higher ups of the company in which it was awarded official bank certificate.
The mission of DICoM is to ensure financial stability of Mongolia, enhance public confidence in the banking sector and create an acceptable deposit insurance scheme that meets international standards.
The Office division oversees and coordinates the corporation's internal operations, enforces the resolutions of the National Deposit Insurance Committee-the corporation's highest governing body-implements the corporation's human resources strategies, and arranges both internal and external educational opportunities, including trainings, seminars, and experiential learning events.
This Department is responsible for the development of proposals to improve the legal environment of the corporation, reviewing the legal background of the resolutions, orders, decisions, agreements, and memorandum as well as other documents to comply with the laws, documentation of the policy, and regulations and to comment on any conflicts and disputes related to the internal and external activities of the corporation, to represent the corporation in court.
The division ensures the proper utilization and security of information technology for the corporation's regular functions. This includes approving and enforcing relevant rules and protocols, ensuring the smooth functioning of software, and managing both internal and external network systems with a focus on security. The division is also charged with maintaining confidentiality and overseeing security operations, along with enhancing the database and handling information processing. Responsibilities also include ensuring information confidentiality, data backup, seamless operation, scalability, updates, storage, and protection. The division is tasked with ensuring the smooth functioning of the corporation's intranet application and website and spearheading any necessary development activities.
This division bears the responsibility of ensuring the availability of deposit insurance payouts and providing financial support to banks, whilst also coordinating and managing these processes. It collects information and reports from commercial banks, estimates the anticipated amounts for reimbursement and financial assistance, and oversees the organization and management of activities related to the resolution of receivables.
The Risk Management Division has the responsibility of accruing insurance premiums from commercial banks as stipulated by mandatory deposit insurance and overseeing the management of deposit insurance fund assets in compliance with legal requirements. It also compiles reports and data from commercial banks to evaluate banking risks. Moreover, it undertakes research and analysis to assess both internal and external environmental risks.
The Supervision Division ensures adherence to the Bank Deposit Insurance Law, along with rules, regulations, and directives sanctioned by the Deposit Insurance Corporation. This is achieved by conducting both remote and on-site evaluations of commercial banks and implementing appropriate actions. The division verifies the precision of reports and information provided by commercial banks directly at their locations, implements necessary measures in response, and additionally, gathers essential reports and data from these commercial banks.
Expanding foreign and domestic cooperation, organizing work related to foreign assignments and training, participating in and organizing international conferences, following the basic principles of deposit insurance and ensuring implementation, creating a research and database, researching and analyzing the best practices of foreign countries.
This Division is responsible for the dissemination of knowledge about Deposit insurance system and the operation of corporation, organization, and cooperation with the public on banking and deposit insurance as well as communication with media, development of the corporate website and other social networks; as well as development and implementation of the program focusing on improving public awareness on financial education.
Functions of Finance and Accounting Unit The Unit oversees the maintenance of the Corporation accounting, financial statements, and daily settlements; compilation and reporting of financial statements, compliance, and implementation of Glass Account Law