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Banks in Jamaica Must Comply with Strict Regulations to Ensure Growth
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Introduction
The Development Bank of Jamaica (DBJ) has emphasized the importance of compliance requirements for banks operating in the country. The Risk & Compliance Unit plays a crucial role in supporting the DBJ’s mission and vision by identifying, assessing, and monitoring risks related to compliance matters.
Enterprise Risk Management: A Key Strategy
Enterprise risk management is at the heart of the DBJ’s strategy, which involves taking calculated risks to drive growth in Jamaica’s national economy. To achieve this goal, the bank has implemented an enterprise-wide approach to risk management, ensuring that ongoing risk assessments are integrated into its business cycle from strategic planning to execution and evaluation.
Compliance Framework
The DBJ’s compliance framework is guided by its approved Enterprise Risk Management (ERM) Framework and Policy, which was endorsed by the Board of Directors in 2014. The bank’s internal compliance function is also governed by a Board-approved Compliance Policy, while its anti-money laundering framework was developed in early 2015 to ensure that third-party counterparty compliance risks are adequately managed.
Role of the Risk & Compliance Unit
The Risk & Compliance Unit is responsible for ensuring that both internal and external compliance requirements are met, thereby maintaining the integrity of the financial system. The unit’s efforts aim to strike a balance between fostering growth and upholding high standards of governance, transparency, and accountability in the banking sector.
Key Responsibilities
- Identify, assess, and monitor risks related to compliance matters
- Ensure ongoing risk assessments are integrated into business cycle
- Maintain integrity of financial system by meeting internal and external compliance requirements
- Balance fostering growth with upholding high standards of governance, transparency, and accountability