In today’s challenging business and regulatory environment
In today’s challenging business and regulatory environment, it is interesting to note that outsourcing provide banks with competitive benefits. However, it is crucial to understand that by absorbing efficiency, banks are also absorbing risks. This risk should be mitigated by introducing effective compliance and risk management strategy.
Ethical behaviour and compliance to regulatory requirement are equally important. It must co-exist in any organization. Today, most bank will have its own ‘Compliance Department’ to take care and monitor regulatory requirement. They will also have their own ‘Code of Conduct’ or ‘Core Value’ which serves as a guide to the staff on the expected virtuous behaviour.
