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Philippine National Bank Launches Compliance Framework Update
Manila, Philippines - Philippine National Bank (PNB) has announced the launch of an updated compliance framework aimed at strengthening ties with customers, regulators, and stakeholders while ensuring adherence to international best practices.
The new framework is designed to enhance PNB’s risk management capabilities, particularly in the areas of regulatory compliance, internal controls, and ethics. The bank’s Compliance Group will now have a more robust structure, with six divisions and two Deputy Chief Compliance Officers, to ensure effective implementation of policies and procedures.
Key Enhancements
- Appointment of an Anti-Money Laundering Cybercrime Officer
- Reorganization of the Compliance Group
- Development of modified compliance programs for high-risk products and services
- Conducting regular comprehensive enterprise-wide risk assessments and implementing a monitoring tracking process to ensure timely resolution of findings
Effective Implementation
The framework’s effectiveness has already been demonstrated in 2016-2017, with notable achievements including:
- Creation of management committees for complex business and support groups
- Reorganization of the Compliance Group
- Development of policies and procedures
“An effective compliance framework is crucial for sustaining trust and market confidence,” said [Name], PNB’s Head of Compliance. “By strengthening our risk management capabilities, we can focus on revenue-generating activities while maintaining a strong corporate image and protecting our loyal customers.”
Ethical Standards Committee
The bank’s Ethical Standards Committee (ESC) has also been reconstituted to ensure that ethical standards are maintained among employees and reputational risk is managed effectively. The ESC is a management committee that meets weekly to maintain high-level ethical standards among PNB’s employees, manage reputational risk, and implement the bank’s Code of Conduct.
Key Elements
- Executive Level Oversight: Created management committees for complex business and support groups
- Compliance Structure: Appointment of Anti-Money Laundering Cybercrime Officer, reorganization of Compliance Group to six divisions with two Deputy Chief Compliance Officers
- Policies and Procedures: Development of modified compliance programs for high-risk products and services
- Monitoring and Assessment: Conducted comprehensive enterprise-wide risk assessments, quarterly certifications, and annual comprehensive enterprise-wide CICA
- MIS and Controls: Implemented monthly comprehensive compliance package for Board and Senior Management
- Training: Trained Compliance Officers/Compliance Designates to effectively carry out compliance duties and responsibilities
- Compliance Reviews and Testing: Relied on competent and independent reviewers comprised of auditors, branch Area Operations Officers, compliance officers/designates, and risk overseers
- Working with Regulatory Bodies and Enforcement Agencies: Ensured timely submission of reports and active participation in technical working groups among regulatory bodies and banking organizations
Contact
For more information on Philippine National Bank’s compliance framework update, please contact:
[Name] Head of Compliance Philippine National Bank Phone: [phone number] Email: [email address]