In order to have an effective compliance function, the compliance unit prepares a compliance program which is amended by management prior approval by the board of directors. Quarterly, the board receives compliance reports for information and decision making.
After approval of the compliance program, the compliance officers conduct a deep analysis of selected regulations (or standards, internal policies…), test for bank’s compliance and set actions plans for non-compliances identified.
Although in BRD every staff has a duty to comply to regulations related to his/her position, the compliance unit plays a proactive role in managing compliance risks by ensuring that staff are aware of regulations relevant to their daily activities. Hence, the compliance unit avail to each division and department relevant laws, regulations and decisions taken by key partners prior to test and report on compliance. New regulations are explained to concerned staff emphasizing on implied actions.
The compliance function plays also a key role in ensuring compliance to internal policies and procedures, update and draft those under direct responsibility of the compliance function.