Bank’s Compliance Efforts Pay Off: Preserving Franchise Licenses and Boosting Business

Strengthened Compliance Program Yields Positive Results

In a bid to preserve its franchise licenses, generate new business initiatives, and increase profits, [Bank Name] has strengthened its compliance program through various measures. The bank’s efforts have yielded positive results, including improved relationships with regulators, customers, and employees.

Compliance Framework

At the heart of the bank’s compliance strategy is a robust framework that involves training for all staff levels, across departments, and at the board level. The bank ensures that its personnel are aware of banking laws and regulations affecting their areas of responsibility, and provides training on policies and procedures.

Regular compliance testing and review to verify risk- mitigation controls are in place and functioning as intended
Independent reviewers from the Compliance Group, Risk Management Group, and Internal Audit Group conduct thorough assessments

Proactive Approach

To mitigate business risks that may erode franchise value, the bank has implemented a proactive compliance approach. This includes:

Identifying potential exposure to regulatory penalties
Reviewing internal and external audit examination findings
Conducting compliance testing and review results

The bank’s Chief Compliance Officer (CCO), Chief Risk Officer (CRO), and Chief Audit Executive (CAE) work closely together to ensure that the organization is aligned with international best practices.

Regulatory Cooperation

[Bank Name] has strengthened its relationships with regulators by:

Working closely with them through timely submission of regulatory reports
Active participation in technical working groups
Provision of feedback on draft policies and circulars
Full cooperation with enforcement agencies for ongoing investigations

Key Enhancements

In the first half of 2017, [Bank Name] made significant enhancements to its compliance program, including:

Creation of management committees for complex business and support groups
Development of modified compliance programs for high-risk products and services
Implementation of annual risk assessments across business legal vehicles
Preparation of monthly comprehensive compliance packages for the board and senior management
Training of Compliance Officers/Compliance Designates to carry out compliance duties effectively

Moving Ahead through Compliance

The bank’s commitment to compliance has paid off, with positive results including:

Preservation of franchise licenses
Generation of new business initiatives and profits
Protection of share value for stockholders
Strengthened relationships with customers and employees
Promotion of best practices in the industry

As the only permanent thing is change, [Bank Name] will continue to adapt and evolve its compliance program to ensure that it remains ahead of the curve.