...Yuliya Gaydarenko Prof. Franklin Unit 4 – Rough Draft July 11, 2013 The compliance audit, like other audit activities, is intended to provide feedback to management and the audit committee about the control environment, ongoing compliance and conditions for potential risk. The compliance audit should evaluate the effectiveness of the compliance management program, including policies and procedures, training, monitoring and consumer complaint response. A financial institution’s audit committee should determine the scope of an audit and the frequency with which audits are conducted. Examiners are seen questioning institutions about their overall compliance program management and digging into the elements of policies and procedures, training, and quality control assessment. Overlying compliance program management is the role of internal audit. Regulatory guidance and best practices have helped define which elements are necessary to help an organization mitigate risks associated with compliance. Some of the basic elements include: designation of a compliance officer, policies, internal processes and controls, regulatory change management, quality control, consumer complaint response process and audit (Sullivan, 2011). The two elements of assessing the overall effectiveness of a compliance program are quality control and audit. The end goal of a quality control function is to monitor how well departmental policies and procedures are being executed. Ultimately, the...
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........................................................................................................... 2 4. Legal Provision...................................................................................................................... 3 5. Effective Date & Compliance Deadline ............................................................................. 3 6. Approach................................................................................................................................ 4 PART 2: SHARIAH GOVERNANCE ARRANGEMENTS ................................................... 5 SECTION I: General Requirements of the Shariah Governance Framework ..............5 - 9 SECTION II: Oversight, Accountability & Responsibility............................................. 10 - 14 SECTION III: Independence............................................................................................ 15 - 16 SECTION IV: Competency .............................................................................................. 17 - 18 SECTION V: Confidentiality & Consistency.................................................................. 19 - 21 SECTION VI: Shariah Compliance & Research Functions ................................................ 22 (i) Shariah...
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...GUIDE TO THE ASSESSMENTS TASKS Assessment Task 1: Risk review Outcomes Submit a completed written report? Submit notes of meeting (including feedback) with manager/supervisor (assessor)? Submit a draft communication to be used with stakeholders? Submit report and accompanying documents in agreed timeframe? Performance indicators Scope – covering at least the following. a. Project – MacVille to expand their operations in Queensland and purchase and re-brand an existing cafe in Toowoomba. b. Business unit – MacVille Cafes Queensland. c. Risk in relation to functions – human resources management, financial operations, OHS, supply chain, local governance and compliance issues. Goals – should include some of the following. a. To appropriately manage the risks involved with the operation of the Toowoomba store. b. To give the new manager significant insights into the store’s operations. c. To ensure there is a smooth transition to the MacVille systems. d. To encourage the new manager to give ongoing support for risk management. See stakeholder feedback table in Appendix. Analysis. a. PEST analysis should include at least the following. i. Political – federal legislation concerning efficient water usage, by-law allowing cafes to expand their footpath dinning. ii. Economic – gross regional product growth of 8.9%, number of visitors down 18%. iii. Social – place for retirees, population growing. iv. Technology - WIFI in cafe, an innovative frozen par-bake cooking...
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...KELLER GRADUATE SCHOOL OF MANAGEMENT MAR 29, 2015 TOPIC: Mortgage banking XYZ Company The purpose of this project is to develop and enhance our managerial skills in the area of portfolio management technique. This paper will focus on the portfolio managements plan utilized in the area of mortgage banking industry. Our team decided to create a pseudo company that will mimic similar companies like Chase Mortgage Banking etc. The three projects used in the development of this portfolio plan include: • Compliance Management Systems • Loan Origination Systems • Modification Assistance These projects can also be classified as programs for the purpose of this paper and it was meticulously selected due to it value and also it interconnectivity with each other as we manage the portfolio plan. OVERVIEW: Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. They are the neighborhood banks for thousands of communities across the country. Chase serve approximately one of out of every six Americans through more than 5,500 bank branches; 18,000 ATMs; mortgage offices; online and mobile banking; as well as relationships with auto dealerships, schools and universities. • Serves 21 million households with consumer banking relationships. • Services 7 million mortgage and home equity loans. • Offers investment...
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...Risk Management 1-‐A Likelihood Banking Risk: The Likelihood of a break in at Macville café I think is in the possible category. It’s not extremely high but with the banking not been done regularly enough because of the distance to the bank from Macville. This could attract theft if certain people are aware of this Managers Travel Risk: While the possibility of this happening is unlikely, it’s a very serious risk to have there and needs to be focused on heavily from the risk management team. By Law Compliance: The likelihood of this happening is likely. By law compliance is usually policed quiet closely from authorities. If Macville isn’t doing the correct thing it will most likely found out and face fines. 1-‐B Consequence Banking Risk: Minor consequence: While getting broken into and losing money through theft is not an ideal thing to have...
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...GUIDE TO COMMON DOCUMENTATION REQUIREMENTS Table of Contents Introduction Project Findings Due Diligence for Correspondent Accounts Wolfsberg Principles for Correspondent Banking Standard Due Diligence Information to be Provided Availability of the Standard Due Diligence Information Dissemination of the Standard Due Diligence Information Further Information on Establishment and Maintenance of Correspondent Banking Accounts Appendix I: Checklist of Core Information Required Appendix II: Templates of Forms (Blank) 14 15 16 3 4 5 6 7 10 11 12 Disclaimer: This guide was developed specifically to provide information and guidance relating to the application process for opening a Correspondent Bank account or responding to an inquiry from a counterparty bank undertaking a “Know Your Customer” compliance review. Each bank that offers banking services will have its own documentation requirements which may differ from what is set out in this guide. Hence, the procedures and standards set out in this guide do not guarantee the sufficiency of any information that may be provided to, or accepted by, another financial institution. This guide is also not intended to provide information regarding the preparation of policies and procedures relating to anti-money laundering or compliance with other relevant banking and other statutes and regulations that may be the subject of a correspondent or counterparty bank information request. This guide does not constitute legal advice. Users of this...
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...Assistant Banking Center Manager at Gessner and Kempwood Job Apply now » Date: May 24, 2012 Location: Houston, TX, US Assistant Banking Center Manager at Gessner and Kempwood-1201185 Assistant Banking Center Manager I We invite you to explore the award-winning culture, people, rewards and opportunities that make Comerica Bank so special. Make your next career choice a confident one. The Assistant Banking Center Manager is responsible for contributing to the overall success of a Retail Banking Center by 1) meeting or exceeding sales goals, 2) providing effective leadership, 3) achieving prescribed customer service levels and 4) executing operational management objectives. Position Competencies Successful incumbents possess integrity, are trustworthy, action oriented, well organized, have business acumen, focus on the customer, have high decision quality, direct others, have strong written communication skills, motivate others and promote problem resolution. Comerica Bank uses IBM Lotus Notes for database, calendaring and e-mail functions. Reporting Information/Location This Assistant Banking Center Manager (ABCM I) position is located at 2820 Gessner Road, Houston, TX 77080 and reports to the Banking Center Manager. Position Responsibilities 1. Sales Leadership a. Assist the Retail Banking Center Manager in providing direction and leadership to banking center employees with emphasis on achieving sales goals, remarkable customer service and team...
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...management are identification of potential risks in our operations and transactions, in our assets, liabilities, income, cost and off-balance sheet exposures and independent measurement and assessment of such risks and taking timely and adequate measures to manage and mitigate such risks within a risk-return framework. In DBBL, only calculated risks are taken while conducting banking business to strike a balance between risk and return. Risk is clearly identified, mitigated or minimized and if possible eliminated to protect capital and to maximize value for shareholders. It is also ensured that on-balance sheet and off-balance sheet risks taken by the Bank are consistent with risk appetite and short term as well as long term strategic objectives of the Bank. A wide range of tools and techniques are used to address & mitigate all kinds of inherent and potential risks in banking operations. The Bank attaches highest priority to establish, maintain and upgrade risk management infrastructure, systems and procedures. In this regard, sufficient resources are allocated to improve skills and expertise of relevant banking professionals to manage the risk effectively. The policies and procedures are approved by the Board and assessed on a regular basis to bring these to the level of satisfaction required to manage & mitigate the risks adequately and consistently. Ultimate responsibility for effective risk management lies with the Board of Directors of DBBL. The Board...
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...Banks and NonBanks Hayford Kwesi Annor Manager, Risk & Compliance/AMLRO, ABii National Savings & Loans Ltd. Doctorate of finance student, SMC University, Switzerland. FAAFM, Ch.FE, ACCPA, MBA, BSc, HND h.k.annor@gmail.com Abstract A deregulated financial sector is free to accumulate and allocate funds from anywhere irrespective of the nature, form, intent and source. Without regulatory oversight, this poses zero risk to banks and nonbanks no matter how they finance the capital structure. In the real world, banking is an outcome of interactions between the regulator and the regulated. Regulatory consequences apply for failure to comply with the acceptable standards of best practices of banking regulation which include fines, sanctions, jail terms and revocation of the banking license for willful or non-willful noncompliance. The physical disposal of proceeds of funds’ from crime with aim of separating same, through creation of layers to disguise trails of the source and make it seem legitimate undermines the integrity of the financial system. It is required of the banking sector to build a comprehensive framework that identifies, assesses, monitors, mitigates and reports perceptions of suspicious activities of money launderers under the discipline of the regulator to avoid being sanction for the related offences. This paper reviews theory to link practice towards money laundering risk assessment of banking customers to maintain the integrity of the financial sector...
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...identification of potential risks in our operations and transactions, in our assets, liabilities, income, cost and off-balance sheet exposures and independent measurement and assessment of such risks and taking timely and adequate measures to manage and mitigate such risks within a risk-return framework. In DBBL, only calculated risks are taken while conducting banking business to strike a balance between risk and return. Risk is clearly identified, mitigated or minimized and if possible eliminated to protect capital and to maximize value for shareholders. It is also ensured that on-balance sheet and off-balance sheet risks taken by the Bank are consistent with risk appetite and short term as well as long term strategic objectives of the Bank. A wide range of tools and techniques are used to address & mitigate all kinds of inherent and potential risks in banking operations. The Bank attaches highest priority to establish, maintain and upgrade risk management infrastructure, systems and procedures. In this regard, sufficient resources are allocated to improve skills and expertise of relevant banking professionals to manage the risk effectively. The policies and procedures are approved by the Board and assessed on a regular basis to bring these to the level of satisfaction required to manage & mitigate the risks adequately and consistently. Ultimate responsibility for effective risk management lies with the...
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...Chain of Command Head of Consumer Banking Development Product sales in all channels Phone banking Product development Collection Product Launch Product Marketing & ATMs Marchant Acquiring Marketing campaign for all channels Priority Banking Customer Service Market Intelligence DSE Management Relationship Management Tele Sales Product Secured, Unsecured, Liabilities Branches Direct Sales Credit Corporate and Institutional Banking Sr. Relationship Manager Sr. Relationship Manager Relationship Manager Sr. Relationship Manager Relationship Manager Relationship Manager Relationship Manager Sr. Credit Analyst Credit Risk Manager Credit Risk Manager Sr. Sales Supporting Credit Risk Officer Credit Risk Officer Sr. Business Dev. Manager...
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...spending on IT. Key IT Solutions As part of implementation of strategic IT initiatives, Banks are deploying IT solutions to facilitate automation in transaction management, reporting and risk management. Business Intelligence and analytics initiatives are planned in the near term by Public Banks and in a two to three year window by Private Banks. The deployment of new technologies is gaining momentum, which has the potential to bring far reaching impact in the Banking industry as a whole. Process Improvement Models ISO 27001 seems to be the most actively adopted standard across the banking sector. A large fraction of the private sector banks, are actively adopting process improvement initiatives in line with Six Sigma, which indicates a growing focus on enhancing operational efficiencies. Risk Management Focus on reporting of risk and compliance has increased significantly in line with global as well as regional trends. Automated systems can help a proactive risk management approach, while reducing compliance costs. Banks have shown a fair interest in upgrading...
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...Zinnov Management Consulting IT Adoption in BFSI Sector in India 2012 This report is solely for the use of Zinnov Client and Zinnov Personnel. No Part of it may be quoted, circulated or reproduced for distribution outside the client organization without prior written approval from Zinnov. India is a fast growing IT market; BFSI vertical constitutes a significant share of the overall spending USD billion $13.7 17.1% FY12 FY11 Distribution of IT Spending in India, FY12 Energy 15.7% Government 15.4% Hardware $11.7 IT Services $12.6 14.4% $11.0 Manufacturing 28.8% BFSI 11.1% Telecom 7.2% Education 1.5% Healthcare 1.0% Software Products $4.2 19.5% Consumers 11.9% Others1 7.0% Retail 0.4% $3.5 Total domestic IT market FY12 ~ USD 30.4 billion Overall, BFSI vertical is contributing significantly to the growth of the Indian economy; its share in Indian GDP is estimated at ~8% Source: Company Annual Reports and Press Releases; Dataquest; Primary Interviews with Stakeholders in the Indian IT Ecosystem; MOSPI; Zinnov Analysis Note: 2 The rapid diversification of the sector including Banks, NBFCs and Insurance presents huge IT opportunity Over 97,000 Scheduled Banks in India (235) Commercial Banks (166) Co-operative Banks (69) Unscheduled Banks Public Sector Banks (26) Nationalized Banks (20) Foreign Banks in India (33) Private Sector Bank (21) Regional Rural Banks (82) Urban Cooperatives (53) State...
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...Conventional Banks: A Differential Analysis Salman Ahmed Shaikh* Dr. Amanat Ali Jalbani Abstract Islamic banking is interest-free banking which makes it necessary for Islamic banks to take active part in the operations of the business, i.e. share profits as well as losses. Banks including Islamic banks prefer to take minimum risk. On the surface, it may seem that Islamic banks face more risk and hence, will have more volatile or even negative returns on their assets. This paper analyzes the risk management procedures of Islamic banks by giving a differential analysis of risk management discussing only the unique characteristics of risk management in Islamic Banking. The usual credit assessment procedures and BASEL are not discussed. This paper looks at the comparative performance of Islamic banks and conventional banks by using ROE as the benchmark. Keywords: Risk management, commercial banking, Islamic banking, price risk 1. Introduction 1.1. Background of the Study Islamic Banking was first introduced in 1959 in Egypt. Since then, Islamic Banking is growing rapidly throughout the world and has been introduced in more than 60 countries of the world so far. Global financial players like Citibank, ABN AMRO, American Express Bank, HSBC, etc. are also participating in Islamic Banking and Financial Industry. However, skepticism still surrounds Islamic Banking keeping into view the earlier demise of BCCI. Profit and loss sharing principle requires more prudence in...
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...Page | 1 SUSTAINABILITY REPORT UNDER GREEN BANKING INITIATIVES OF TRUST BANK LIMITED Introductory Note The publication of the first Sustainability Report of Trust Bank Limited (TBL) represents its continued commitment to publish information on sustainability matters every year. The Sustainability Report consists of only the GRI technical section to meet the requirements of the Global Reporting Initiative. The scope of the information provided in this report basically covers the activities of Trust Bank Limited in Bangladesh. This report was prepared to make adherence to an application level of the Global Reporting Initiative and is unconfirmed by external assurances. For more information about sustainability at Trust Bank Limited please go to www.trustbanklimited.com. 01. STRATEGY AND ANALYSIS 1.1 CHAIRMAN’S STATEMENT Please see the statement from the Chairman of Trust Bank Limited’s Board of Directors published at the beginning of the Annual Report 2011. 1.2 KEY IMPACTS, RISKS AND OPPORTUNITIES The impacts of the activity of Trust Bank Limited come essentially from three factors: Its importance as a reference institution in the Bangladesh financial sector; Its position as a substantial participant in the Bangladesh market; The importance of the financial sector to balanced economic growth and the contribution that this growth can make to incorporating sustainability more in the economy in general. ...
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