📝 One-liners · 66 cards
COMPLIANCE GOVERNANCE STRUCTURE
What is the primary role of the Chief Compliance Officer (CCO) in a bank?
The CCO is responsible for overseeing the bank's compliance function, ensuring adherence to regulatory requirements, and reporting compliance issues directly to the Board or senior management.
What is the primary objective of compliance governance in a bank?
To ensure adherence to laws, regulations, and internal policies.
Which RBI guideline mandates the appointment of a Chief Compliance Officer in banks?
RBI's Guidelines on Compliance Function in Banks (2007, revised 2020) mandate that all scheduled commercial banks appoint a CCO with adequate seniority and independence to head the compliance function.
Who is responsible for overseeing the compliance function at the Board level?
The Audit Committee of the Board oversees compliance at Board level.
🔒
Unlock 66 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for COMPLIANCE GOVERNANCE STRUCTURE.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days