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Risk Officer / Compliance

Risk Officer / Compliance

Risk Officer / Compliance

Although Risk and Compliance are separate roles within the bank, for the purposes of the body of knowledge we will be considering them a single concern. However, it's worth understanding the difference:

  • Risk refers to the potential for loss, damage, or adverse outcomes arising from internal or external factors that may affect a bank's financial stability, operations, or reputation. Banks face various types of risks, including credit risk, market risk, operational risk, liquidity risk, and reputational risk. Risk management involves identifying, assessing, and mitigating these risks to maintain the bank's stability and protect its assets, customers, and shareholders.

  • Compliance refers to the adherence to laws, regulations, rules, and standards that govern the banking industry. Banks must comply with a wide range of regulatory requirements imposed by government agencies, central banks, and other authorities to ensure the integrity, transparency, and fairness of the financial system. Compliance involves ensuring that a bank's operations, products, services, and personnel abide by these regulations, including anti-money laundering (AML) rules, Know Your Customer (KYC) guidelines, data privacy laws, and capital adequacy requirements.

Objectives​

  • Ensuring compliance with laws and regulations
  • Developing and implementing policies and procedures
  • Conducting risk assessments
  • Providing training and education
  • Monitoring and reporting

Challenges​

  • Increasing regulatory & compliance requirements
  • Data integrity and systems gaps
  • Getting consensus across business

Open Source Engagement​

  • See activities below.

Stakeholders​

Calls To Action​

  1. Read the Survey Report "The State of Open Source in Financial Institutions"

  2. Watch recorded presentations from the 2022 FINOS Open Source Strategy Forum

  3. Attend the FINOS Member Meetings and OSFF events

Expected Activities​

Further Reading​