An encompassing workflow ensuring banking regulatory compliance, risk mitigation, policy updates, and persistent monitoring for optimal risk management.
1
Identify relevant regulatory requirements
2
Gather all necessary documents and materials pertaining to the bank's compliance policies
3
Catalog bank processes and operations subject to regulation
4
Assess current risk management controls
5
Evaluate effectiveness of the internal controls
6
Outline potential risks and their impact
7
Conduct gap analysis
8
Develop risk mitigation strategy and plan
9
Document the findings of the risk assessment
10
Approval: Compliance Manager
11
Discuss the findings with the relevant departments
12
Implement changes to policies, processes and procedures as necessary
13
Train employees on updated compliance procedures
14
Monitor and evaluate effectiveness of the new strategy
15
Review regulatory changes for impact on strategy
16
Revise risk mitigation plan as necessary
17
Approval: Legal Department
18
Prepare formal report
19
Present findings and recommendations to upper management
20
Approval: Upper Management
21
Implement final changes and monitor compliance
Identify relevant regulatory requirements
Identify all applicable regulatory requirements that the bank must comply with. This task plays a crucial role in ensuring the bank operates within the legal framework and avoids penalties or reputational damage. Are there any new regulations that the bank needs to be aware of? How do these regulations impact the bank's operations and policies?
1
Federal Reserve
2
Office of the Comptroller of the Currency
3
Securities and Exchange Commission
Gather all necessary documents and materials pertaining to the bank's compliance policies
Collect all relevant documents, materials, and policies related to the bank's compliance. This task sets the foundation for assessing the bank's compliance risk and ensures that all necessary information is available for further analysis. What are the key documents needed for this assessment? How will these materials help in evaluating the bank's compliance?
1
Code of Conduct
2
Anti-Money Laundering Policy
3
Whistleblower Policy
Catalog bank processes and operations subject to regulation
Map all processes and operations within the bank that are subject to regulatory control. This task is essential in understanding the scope of compliance risk and identifying areas that require additional attention. How does the bank's structure and operations align with regulatory requirements? Are there any gaps or overlaps in the current processes?
1
Loan origination
2
Customer onboarding
3
Payment processing
Assess current risk management controls
Evaluate effectiveness of the internal controls
Outline potential risks and their impact
Conduct gap analysis
Develop risk mitigation strategy and plan
Document the findings of the risk assessment
Approval: Compliance Manager
Will be submitted for approval:
Document the findings of the risk assessment
Will be submitted
Discuss the findings with the relevant departments
Implement changes to policies, processes and procedures as necessary
Train employees on updated compliance procedures
Monitor and evaluate effectiveness of the new strategy
Review regulatory changes for impact on strategy
Revise risk mitigation plan as necessary
Approval: Legal Department
Prepare formal report
Present findings and recommendations to upper management
Approval: Upper Management
Will be submitted for approval:
Present findings and recommendations to upper management
