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PNB Mandates Refresher Training for All Employees, Enhances Compliance Framework

The Philippine National Bank (PNB) has implemented a comprehensive compliance framework to ensure that all employees are well-equipped to navigate the complex regulatory landscape. As part of this effort, PNB has mandated that all employees must pass a rated written examination on “compulsory” training courses available.

Mandatory Training for New Hires and Existing Employees

According to PNB’s Global Compliance Group (GCG), all new hires are required to undergo compliance and anti-money laundering (AML) awareness training prior to assuming duties. Existing employees, on the other hand, are required to participate in refresher courses every 18-24 months.

Tailored Training Programs for Different Sectors

The bank has also developed tailored training programs for different sectors and specific compliance policies. These groupings include:

  • Branch Clusters
  • New Tellers
  • New Hires
  • Sales and Service Heads
  • New Internal Auditors
  • New Officers
  • Business and Support Units
  • Legal Vehicle Management Units

Regular Compliance Reviews and Testing

In addition to these efforts, PNB conducts regular compliance reviews and testing to ensure that its employees are adhering to the highest standards of ethics and compliance. The bank also works closely with regulatory bodies and enforcement agencies to stay ahead of changing regulations and industry best practices.

Effective Compliance Framework Boosts Profits and Reputation

PNB’s effective compliance framework has been instrumental in boosting profits and reputation, according to the bank’s Senior Management. By focusing resources on revenue-generating activities, PNB has seen an increase in profitability, while its strong compliance culture has also attracted quality customers and protected against attrition.

For employees, being part of a reputable bank with a strong compliance framework is a source of pride, said PNB officials. The bank’s Ethical Standards Committee (ESC) plays a crucial role in promoting ethical standards among employees and managing reputational risk.

Key Enhancements in 2016-2017

PNB has made significant enhancements to its compliance framework in recent years. Key achievements include:

  • Creation of management committees for complex business and support groups
  • Appointment of an AML Cybercrime Officer
  • Reorganization of the Compliance Group into six divisions
  • Increase of plantilla positions

Other notable accomplishments include:

  • Development of modified compliance programs for high-risk products and services
  • Implementation of annual risk assessments across business legal vehicles
  • Training of Compliance Officers/Compliance Designates to empower them to carry out their duties effectively

Conclusion

Overall, PNB’s commitment to compliance has resulted in a strong reputation among customers, regulators, and employees alike. As the bank continues to evolve and adapt to changing regulatory requirements, its effective compliance framework remains a key driver of success.