Framework for Identification of Compliance Issues and Compliance Risks
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Advanced Bank Management — CAIIB.
One-liners from this chapter
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Define compliance risk per BCBS 2005 and RBI adoption.
Risk of legal/regulatory sanctions, material financial loss, and reputational damage from non-compliance.
Name three loss heads arising from single compliance failure.
Legal/regulatory sanctions, material financial loss, reputational loss.
What is inherent risk in compliance context?
Risk absent any security controls; function of threats and vulnerabilities.
Define residual risk.
Probability of loss remaining after security measures implemented; function of inherent and control risk.
State four non-negotiables for RBI-mandated compliance function.
Independent, resourced; clearly defined responsibilities; subject to internal audit review; core risk activity, not outsourced.
Who does CCO report to per RBI Master Direction?
MD & CEO directly; parallel access to Audit Committee of Board (ACB).
List three BFSI mega-trends creating compliance risks.
Geopolitical shifts, heightened regulatory expectations, data protection governance.
What is due diligence in compliance context?
Demonstrating effective implementation and maintenance of management systems meeting obligations.
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