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BLOM Bank S.A.L. Enhances Group Internal Audit and Risk Management
Strengthening Compliance and Governance
Beirut, Lebanon - In a move to enhance its internal audit and risk management practices, BLOM Bank S.A.L. has introduced a comprehensive group internal audit policy aimed at ensuring compliance with regulatory requirements and maintaining the highest standards of corporate governance.
Policy Highlights
- Outlines the responsibilities of the Legal Compliance Department in identifying all aspects of compliance risk across the bank’s functions and responsibilities by regulator, circular, topic, and function controller.
- Evaluates risks to determine the scope of work, which includes conducting regular onsite visits to the bank’s entities, performing adequate tests to verify compliance with policies and laws or regulations issued by the competent authority.
Responsibilities
- The Legal Compliance Department is responsible for:
- Exchanging and disclosing information requested by correspondent banks’ legal compliance departments whenever a periodic compliance review is conducted or a transaction/client is under investigation.
- Conducting annual due diligence reviews in relation to cross-border correspondent banking and other similar relationships.
Importance of Verification
- The policy highlights the importance of verifying that required corrective measures are applied upon detection of any violation resulting from non-compliance, particularly the identification of non-compliance risks associated with the bank’s activities.
Commitment to Compliance
“The introduction of this policy is a significant step forward in our efforts to strengthen our internal audit and risk management practices,” said [Name], Chief Compliance Officer at BLOM Bank S.A.L. “We are committed to ensuring that our compliance processes are robust, effective, and aligned with international best practices.”
Annual Review
The policy has been developed in consultation with the bank’s senior management and will be reviewed annually to ensure its effectiveness and relevance.
About BLOM Bank S.A.L.
BLOM Bank S.A.L. is a leading financial institution in Lebanon, providing a wide range of banking services to individuals and corporate clients. With a history dating back to 1959, the bank has established itself as a trusted and reliable partner for its customers.
Contact: [Name] Chief Compliance Officer BLOM Bank S.A.L. Email: [email] Phone: [phone]