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Framework for Identification of Compliance Issues and Compliance Risks
What is the primary objective of a compliance function in a bank?
The primary objective is to ensure the bank adheres to applicable laws, regulations, rules, and codes of conduct, thereby protecting the bank from legal, regulatory, and reputational risks.
What is the first step in identifying compliance issues within a bank?
Mapping all applicable laws, regulations, and internal policies.
How does the Basel Committee on Banking Supervision define compliance risk?
The Basel Committee defines compliance risk as the risk of legal or regulatory sanctions, material financial loss, or loss to reputation that a bank may suffer as a result of its failure to comply with applicable laws, regulations, rules, and codes of conduct.
What is meant by compliance risk identification in the banking context?
Process of recognising events that may breach regulatory requirements.
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