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Compliance Culture and GRC Framework
Define Compliance Culture in banking context.
Set of organisational values, norms and assumptions influencing employee decisions towards adherence to laws, regulations and ethical standards.
Name seven mandatory elements of a robust compliance program.
Written policies; CCO & Compliance Committee; training; communication channels; monitoring & audit; disciplinary guidelines; prompt corrective action.
What is a Whistle-blower Policy's primary objective?
Provide platform for stakeholders to report unethical/illegal acts and protect them from retaliation.
List five benefits of a good compliance culture.
Low organisational risk; low reputational risk; higher employee confidence; talent attraction; improved transparency; enhanced regulator relationship.
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