Home Business RBI targets compliance at banks with CCO norms

RBI targets compliance at banks with CCO norms

35
0


The Reserve Bank of India (RBI) on Friday laid down guidelines for appointment of chief compliance officer (CCO) in banks to ensure uniform approach with regard to compliance and risk management culture across the banking industry.

The CCO should be appointed for a minimum fixed period of three years in the rank of a general manager or not below two levels of the rank of CEO, the RBI said in a circular.

Appropriate criteria

“Such an independent compliance function is required to be headed by a designated CCO selected through a suitable process with an appropriate ‘fit and proper’ evaluation/selection criteria to manage compliance risk effectively,” the RBI said.

Further, there shall not be any “dual hatting”, the RBI said. In other words, the CCO “shall not be given any responsibility which brings elements of conflict of interest, especially the role relating to business”.

Show Less Plan

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages

Move smoothly between articles as our pages load instantly.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations

A select list of articles that match your interests and tastes.

Briefing

We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.



Source link