To be effective, compliance risk management professionals must design a framework to ensure that bank management understands the risks and the steps that must be taken to mitigate them. The many roles compliance professionals fill incorporate risk management aspects including:
Compliance risk management professionals must engage in all these activities to be effective. Coordinating regulatory exams ensures that they can communicate risks effectively to examiners, overseeing compliance training helps in targeting higher risk areas and educating staff on necessary precautions, and tracking regulatory proposals and final rules enables them to anticipate and understand new risks. Therefore, all these roles are essential components of the compliance risk management framework.
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All of the above makes the computer better