The role of the compliance function in the internal control system of credit institutions

Abstract

In modern Russia the compliance function every day increases its importance. According to the last changes in the legislation, the main functional task of service of internal control in credit institutions - management of compliance risks. In the article the author determines the content of the compliance function and its place in the system of internal control of the Bank, considers the ratio of compliance risk, legal risk, reputational risk.

Keywords

• control
• the system of internal control
• compliance function
• compliance risk
• legal risk
• reputational risk
• credit institution