DIVISION OF RISK MANAGEMENT

A risk management framework and policy is already in place and this will be underpinned by detailed guidance/toolkits and training for both members and officers. Embedding risk management within the organization will be an evolving process which will require the continuous review of the whole risk management framework within the bank.

The compliance unit

Under the Chief Risk Officer, the compliance function takes the lead in identifying and managing significant regulatory compliance risks to which BRD is exposed. The regulations used are: banking laws, tax and pension’s regulations, industry standards etc. In addition, the compliance function monitor compliance to internals policies and procedures, contractual obligations and the corporate code of conduct.

The compliance unit ensures whether BRD has an effective compliance function and deliver expected benefits of the function.

Benefits of BRD’s compliance function

The benefits generated by the BRD’s compliance function are: good relationship with regulators, avoid fines, best quality of service offered to customers, advise line business management in discharging the bank’s regulatory obligations and an oversight [...]

Develop an effective compliance function

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 [...]