The Compliance function is embedded in the second-level internal control system, pursuing the objective of preventing and managing the risk of regulatory non-compliance and conflict of interest, with a view to preserve the Bank’s reputation, its customers’ confidence and to contribute to Group sustainability (corporate value creation/consolidation), through:
- strategic guidance (policies and opinions)
- support and monitoring (compliance risk mapping, preventive evaluation)
on all Group Compliance activities.
What we do
The Compliance function has responsibility for areas which most impact external clients and have a high risk of reputational damage.
Its perimeter covers the typical regulations related to:
- Banking Services (e.g. Anti Money Laundering, Transparency, Privacy)
- Financial Services (e.g. Market Abuse, Financial instruments and products issued by Banks)
In particular, the Compliance function:
- Interprets laws and issues Groupwide policies and guidelines
- Gives input for the definition or update of processes
- Evaluates preventively the Compliance of processes, products, structures, agreements
- Provides support and assistance, through opinion preparation
- Provides support for training activities
- Manages Conflicts of Interest
- Checks continuously that processes on Investment Services are effective and adequate
- Identifies the Compliance areas with greater Compliance risk, to support the yearly planning of Compliance actions
- Reports to the Bank Governing Bodies and/or to Supervisory Bodies on all matters that fall within Compliance area of competence
