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COMPLIANCE IN BANKS AND CORPORATE GOVERNANCE
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, rules, and standards, thereby protecting the bank from legal and reputational risks.
What is the primary responsibility of the Board of Directors in bank compliance?
Setting strategic direction and ensuring regulatory adherence
Which RBI circular formally mandated banks to establish a dedicated Compliance Department?
RBI's guidelines based on Basel Committee recommendations mandated banks to establish an independent Compliance Department headed by a Chief Compliance Officer (CCO) to manage compliance risk proactively.
What is the Basel Committee's definition of operational risk in compliance context?
Risk of loss from inadequate processes, people, systems, or external events
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