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FRB expectations regarding independent firm-wide compliance risk management and oversight in large complex firms
US Federal Reserve Board guidance on firm-wide compliance functions. Firm-wide compliance functions manage compliance risk within and across business lines, support units, legal entities and jurisdictions of operation. Considered of particular importance for areas such as anti-money laundering, privacy, affiliate transactions and conflicts of interest. Firm-wide compliance risk management should be based on a formalized compliance program that is documented in policies, procedures and compliance risk management standards. Sets out expectations for the independence of the corporate compliance function, for compliance monitoring and testing, and corporate governance arrangements.
Publisher:
National Regulators
Release date:
Feb 2021
Country:
United States
Type:
Guideline
Parent:
Compliance and the Compliance Function in Banks
Topics:
Compliance function, Corporate governance, Systemically important financial institutions (SIFIs)
Sectors:
Banking
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