Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Compliance and the compliance function in banks April 2005 Compliance and the compliance function in banks Table of contents Task Force on Accounting Issues of the Basel Committee on Banking Supervision ..5 Introduction ..7 Responsibilities of the board of directors for compliance ..9 Principle Responsibilities of senior management for Principle Principle Principle Compliance function principles ..10 Principle 5: Status ..11 Head of Conflicts of Access to information and personnel ..12 Principle 6: Principle 7: Compliance function Advice ..13 Guidance and education ..13 Identification, measurement and assessment of compliance risk ..14 Monitoring, testing and Statutory responsibilities and liaison ..14 Compliance programme ..14 Principle 8: Relationship with Internal Other Principle 9: Cross-border Principle 10: Compliance and the compliance function in banks Task Force on Accounting Issues of the Basel Committee on Banking Supervision Chairman: Prof Dr Arnold Schilder, The Netherlands Bank, Amsterdam Banking , Finance and Insurance Commission, Brussels Mr Marc Pickeur Office of the Superintendent of Financial Institutions Canada, Toronto Ms Karen Stothers Banking Commission, Paris Ms Sylvie Matherat Deutsche Bundesbank, Fra

sound practices in banking organisations, the Basel Committee on Banking Supervision (the Committee) is issuing this high level paper on compliance risk and the compliance function in banks. Banking supervisors must be satisfied that effective compliance policies and

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