THE EFFECTIVE SYSTEM OF ESTABLISHING COMPLIANCE CONTROL IN BANKING INSTITUTIONS
Journal Title: Проблеми системного підходу в економіці - Year 2018, Vol 3, Issue 65
Abstract
The article examines the notion of such economic and legal categories as compliance and compliance control based on banking sector example. The author analyzes the importance of ensuring compliance control in banks, defines main areas and functions of compliance control and identifies main ways of ensuring effective risk-management compliance. The author describes existing in the economic theory approaches to building effective system of compliance risks management. Afterwards, the author focuses on the importance of effective compliance management for the company's financial stability and transparency, explains its influence upon employees' behavior and intellectual property protections. The author assesses the criteria of evaluating compliance control effectiveness and scrutinizes thereof based on the example of compliance control in banking institutions. As a result, the author concludes that the regardless of the approach chosen by the banking institution to organize its own compliance system, it must undoubtedly provide full control over the legal and regulatory requirements compliance. At the same time, the main task of banking institutions is to avoid negative consequences in the conditions of constantly changing legal requirements (national and international as well) and existing business practices.
Authors and Affiliations
K. Yu. Ryshtun
Keywords
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