Compliance Culture and GRC Framework
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Advanced Bank Management — CAIIB.
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Define Compliance Culture in banking context.
Set of organisational values, norms and assumptions influencing employee decisions towards adherence to laws, regulations and ethical standards.
Name seven mandatory elements of a robust compliance program.
Written policies; CCO & Compliance Committee; training; communication channels; monitoring & audit; disciplinary guidelines; prompt corrective action.
What is a Whistle-blower Policy's primary objective?
Provide platform for stakeholders to report unethical/illegal acts and protect them from retaliation.
List five benefits of a good compliance culture.
Low organisational risk; low reputational risk; higher employee confidence; talent attraction; improved transparency; enhanced regulator relationship.
What are three signs of poor compliance culture?
Short-termism; dominant personalities; misaligned sub-cultures; follow-the-market attitude; no challenge to status quo.
Explain 'Tone at the Top' in compliance context.
Board of Directors visibly promoting honesty, integrity and compliance throughout the organisation at all levels.
What does GRC framework integrate?
Three traditionally siloed disciplines: Governance (oversight), Risk Management (evaluation) and Compliance (internal controls).
Name five GRC modules typically implemented in banks.
Incident Management; RCSA; Key Risk Indicators; Issues & Action Plans; Compliance/Policy Management; Governance/Audit; Regulatory Reports.
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