Compliance Oversight Responsibilities

Boards of Directors have many responsibilities in financial institutions, not the least of which is to monitor risk. Within the past 10 years, since the passage of the Dodd-Frank Act, regulatory attention to Board oversight over the Compliance function has only increased. There must be regular the thorough communication to the Board from the institution's Chief Compliance Officer, to ensure the Board is aware of any impending risk or regulator issues, among other things. As well, the Board must balance risk management, technical compliance with laws and regulations, and issues around customer fairness. As well, the Board must oversee the three lines of defense to ensure they are designed and are functioning properly. This program will cover all of these important topics and more.

Covered Topics:

  • Board and Executive Management Engagement
    • Chief Compliance Officer
    • Functional and Effective Escalation Processes
  • Compliance Management System Focus
  • Culture of Compliance
  • Three lines of Defense
    • Business and Operations
    • Compliance and Control Functions
    • Audit