They also embrace the concept of risk-based compliance management. They expect compliance management to be tailored to the bank, be it large or small, offering standard or specialty financial services, simple or complex products lines, and adjusted as appropriate for the customer base as that issued for the Bank
Secrecy Act, also establishes their expectations that a bank's program be risk based. Who are they?
Bank regulatory agencies are responsible for establishing expectations and overseeing compliance management for banks. They are the ones who mandate that a bank's program must be risk-based, ensuring that compliance management is tailored to the bank's specific conditions such as size, services offered, product complexity, and customer base. These agencies enforce regulations like the Bank Secrecy Act to mitigate risks and promote legal and regulatory compliance within the banking sector.
Yes, correct
It's the correct direction to go for all It companies