Compliance Risk Framework PDF
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Summary
This document outlines the principles and practices of a compliance risk framework for a bank. It discusses the responsibilities of employees, the importance of regulatory standards and compliance with their spirit, and senior management's visibility and accountability in ensuring a strong compliance culture. It also emphasizes the need for engagement with regulatory bodies.
Full Transcript
Compliance is “adhering to the requirements of law, industry and organizational codes, principles of good governance and ethical standards”. The Compliance and Conduct Department is at the forefront of supporting the compliance goals of the bank by implementing programs that identify potential risk...
Compliance is “adhering to the requirements of law, industry and organizational codes, principles of good governance and ethical standards”. The Compliance and Conduct Department is at the forefront of supporting the compliance goals of the bank by implementing programs that identify potential risks, deter misconduct, and potentially reduce penalties. The continued changes in legislation aimed at combating Money Laundering, Terrorist Financing, and proliferations of equipment for mass destruction has placed great emphasis on the formal and structured monitoring of compliance with legal, regulatory, and supervisory requirements. Our Compliance Risk Framework reflects the following core principles and practices: 1. Our responsibilities as employees, our culture, systems, and processes. 2. Compliance with the letter and spirit of regulatory standards and ensuring that the standards are embedded in our processes. 3. Visibility and accountability of senior management in ensuring a strong compliance culture. 4. Engagement with regulatory bodies and industry to ensure the maintenance of high standards across the Bank. The Compliance function reports to the Board Risk & Management Committee and Board Audit Committee through the Executive Compliance Officer (ECO) and the Chief Compliance Officer (CCO) respectively. The Compliance Risk Framework utilizes a range of methods, including compliance audit, file reviews, customer surveys and operational risk assessments to measure the effectiveness of our compliance program. The Compliance and Conduct Department is supervised by the Chief Compliance Officer (CCO), who ensures the implementation of the Compliance Risk Management Framework. The team facilitates compliance planning and reporting, specialist advice to business and operational units of the bank as trusted Compliance Advisors. The Department operates a Cluster Compliance structure. Each Cluster/ Compliance Officer implements regulatory initiatives and ensures internal policies are adhered to at the Cluster level.
