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Compliance Function in Banks
What does RBI's 'Compliance Function in Banks' guidelines (September 2020) mandate as the organisational arrangement for the compliance function?
An independent compliance function headed by a Chief Compliance Officer (CCO) reporting directly to the MD&CEO or the Board Audit Committee, with a minimum assured tenure of 3 years and independence from business lines.
As per Basel Committee (2005), compliance risk arises from failure to comply with which categories of standards?
Laws, regulations, codes of conduct, and standards of good practice (including self-regulatory codes)
Who does the Chief Compliance Officer (CCO) report to as per RBI's 2020 compliance guidelines?
The CCO reports directly to the MD&CEO or the Board Audit Committee, ensuring independence and direct access to senior management.
What are the three consequences of compliance risk as defined by the Basel Committee?
Legal or regulatory sanctions, material financial loss, and reputational loss
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