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Compliance Department Essay

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5.4. Compliance Department
The Bank must strengthen its compliance activities through the compliance department which must be separated from the risk department but the two must be in partnership. The department must be responsible for:
 The supervision and oversight of the Bank’s activities by pro-actively supporting senior management in stressing compliance responsibilities, its design and the implementation of applicable controls.
 The department must convey consistent monitoring of the Bank’s operations to ensure proper compliance risk mitigation. This duty must first establish a clear understanding of the compliance risk facing the Bank. Breaches and issues identified through the monitoring must be handled effectively. It must not be the role of compliance department to remedy breaches or issues that may arise, but rather supervise in remedying the breaches and issues to ensure that favourable results are attained.
 The department must advise senior management about pertinent compliance subjects, such as: major …show more content…

A reporting protocol must be established to ensure that important information is communicated to all stakeholders. For example, the department must be able to disclose its findings after investigations to senior management and the board without any hindrance (Basel Committee on Banking Supervision, 2005).
 The department must monitor, detect and always report on the preventive measures set to protect the Bank from identified risks.
 The department must make a continuous effort to resolve compliance difficulties as and when they occur. Programmes must be set up to outline the implementation and review of specific policies and procedures, compliance risk assessment and testing, and periodic education of employees on compliance related issues (Johnson & Johnson, n. d.).
6. Code of Ethics and Professional

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