Download - Compliance Risk Management
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COMPLIANCE
RISK
MANAGEMENT
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Introduction
Definitions
Actions for mitigating compliance risk
Common Sources of compliance risk
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Board Oversight
Defining the compliance risk mgt
Approving a compliance risk mgtpolicy
Establishing a mgt structure
Periodical review of the policy
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Senior mgt Oversight
Implementing the compliance risk mgt systemapproved by the board
Establishment of an effective organizational structure
Regular contact with banks compliance staff andlawyers
Ensuring employees involvement in protecting banksreputation
Ensuring devotion of sufficient human & technicalresources
Ensuring ongoing compliance training
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Policies, Procedures and Limits
The policy must contain: Definitions
Objectives Procedures
Authorities , responsibilities & information flows
Clear statement
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a. Definition of legal documentsb. Definition of standard proceduresc. Standardized contractsd. Legal due diligencee. Documentation standardsf. Definition of major mitigating actionsg. Clear documentation Standardsh. Documentation standards by central bank
i. Safeguarding of legal documentsj. Regular compliance checks
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Self assessment Risk indicators
Risk mapping
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Place-timely manner-usable by board &management-appropriate & accurate-complexity & diversity
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Verifying
Assessing Corrective actions Appropriate scope and frequency
Monitoring Analyzing