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COMPLIANCE AUDIT
What is the primary objective of compliance audit in banks?
The primary objective is to independently assess whether the bank is adhering to applicable laws, regulations, internal policies, and codes of conduct, thereby minimizing legal and regulatory risk.
What is the difference between compliance audit and legal audit in banks?
Compliance audit checks regulatory adherence; legal audit reviews legal risks.
Which RBI circular established the framework for compliance function in Indian banks?
RBI's circular on 'Compliance Function and Role of Chief Compliance Officer' (2020) established a comprehensive framework requiring banks to have a dedicated, independent compliance function headed by a CCO.
What is the frequency of compliance audit recommended for high-risk areas in banks?
High-risk areas should be audited quarterly or more frequently.
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