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| 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 |