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COMPLIANCE FUNCTIONS IN BANKS
What is the primary objective of a compliance function in a bank?
The primary objective is to ensure that the bank adheres to all applicable laws, regulations, codes of conduct, and standards of good practice, thereby protecting the bank from legal and reputational risks.
What is the role of the Senior Management in a bank's compliance framework?
Senior management implements compliance policies approved by the Board.
Which RBI circular formally mandated banks to appoint a Chief Compliance Officer (CCO)?
RBI's Guidelines on Compliance Function in Banks (2007, revised subsequently) mandated the appointment of a Chief Compliance Officer to head an independent compliance function reporting to the MD & CEO or Board.
What is meant by 'regulatory compliance calendar' in banking?
A schedule tracking all regulatory reporting and submission deadlines.
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