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Bank’s Compliance Program: A Key Driver of Success
In an effort to preserve franchise licenses, generate new business initiatives, and protect shareholder value, [Bank Name] has implemented a comprehensive compliance program that is yielding positive results.
The bank’s objective is to prevent non-compliance with regulatory requirements, while also ensuring that its employees are equipped to carry out their duties effectively. To achieve this goal, the bank has established a framework that includes training, testing and review, and working closely with regulators.
Training: A Key Component of Compliance
At [Bank Name], we believe that training is essential for maintaining a sound compliance program. As such, we provide comprehensive training to all personnel, including new hires and existing employees. This training covers banking laws and regulations, as well as the bank’s policies and procedures.
- New hires are required to attend compliance awareness and anti-money laundering (AML) training prior to assuming their duties.
- Existing employees participate in periodic AML continuing education and compliance partnership training programs.
Compliance Testing and Review: Ensuring Compliance Risks Are Mitigated
To ensure that our compliance-risk mitigation controls are effective, we conduct regular testing and reviews. This includes independent testing to verify that our controls are functioning as intended, as well as consideration of potential exposure to regulatory penalties, internal and external audit examination findings, and new laws and regulations.
- Our compliance review and testing process is overseen by the Compliance Group, Risk Management Group, and Internal Audit Group, ensuring that our program is robust and effective.
Working Closely with Regulators: A Key Aspect of Compliance
At [Bank Name], we recognize the importance of working closely with regulators to ensure that we are in compliance with all regulatory requirements. To achieve this goal, we:
- Timely submit regulatory reports
- Participate actively in technical working groups among regulatory bodies and banking organizations
- Provide feedback on draft policies, circulars, and IRRs issued by regulators
- Cooperate fully with enforcement regulatory bodies and government agencies for ongoing investigations
Key Enhancements in 2016-1st Half 2017
In the past year, we have made significant enhancements to our compliance program, including:
- Creating management committees for complex business and support groups
- Developing modified compliance programs for high-risk products and services
- Preparing monthly comprehensive compliance packages for Board and Senior Management
- Implementing annual risk assessments across business legal vehicles
Benefits of Our Compliance Program
Our compliance program has numerous benefits, including:
- Preserving franchise licenses
- Generating new business initiatives and increasing profits
- Protecting shareholder value
- Building stronger relationships with customers
- Attracting new quality customers and protecting loyal customer retention
- Belonging to the best bank
In conclusion, our compliance program is a key driver of success at [Bank Name]. By prioritizing compliance, we are able to preserve franchise licenses, generate new business initiatives, and protect shareholder value. We will continue to evolve our program to ensure that it remains effective and compliant with all regulatory requirements.