contents

asia
 
Oib Head Of Compliance Calls For Compliance Function In ‎Banks

Federation of Egyptian Banks (FEB) has recently invited Mr. Hany Abou-El-Fotouh, Assistant General Manager ‎and Head of Compliance, Oman ‎International Bank (OIB) to make a presentation to the Compliance Officers' ‎Committee about effective compliance functions in banks.

Abou-El-Fotouh defined compliance as "a system which is designed to ensure that the bank does, as far as is ‎reasonably practical, what is necessary to "get it right" in terms of its legal obligations." He explained that ‎‎"effective compliance is crucial for banks and it is critical to the success on any bank and supports strong ‎relations with regulators. A failure to comply may involve serious results, including large fines and even ‎imprisonment. In addition, banks should keep trust of stakeholders"‎

He further explained that compliance risk is the risk arising from a failure to comply with relevant laws and ‎regulations governing the conduct of the bank's business. Therefore, compliance officers must carry out ‎compliance risk assessment i.e. examine the risks associated with failing to meet legal obligations. ‎Subsequently, tailor compliance measures to the risk identified by the risk assessment.‎



write your comments about the article :: © 2007 Exhibition News :: home page