The role of the Compliance function is to assist Senior Management to ensure on a reasonable basis that the activities of the bank and its staff are conducted in conformity with applicable laws and regulations, and generally with sound practices pertinent to those activities. In fulfilment of this role it has become increasingly complex with increased regulatory oversight. This function has become critical in the current environment and proper staffing and policies and procedures need to be in place and implemented. Compliance responsibilities are shared among all staff members as well as across various functions within the bank, the most notable of which are: Senior management, Credit administration, operational risk management and financial and regulatory reporting and AML/CFT.
GBC can assist in reviewing the policies and procedures and compliance with these policies and procedures to identify shortcomings. GBC can also design & deliver training programs geared for use in keeping staff members abreast of developments in this area. Quality of staffing is extremely critical and their ability to ensure compliance across all functions.