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Do compliance and risk officers do similar work in the bank sector?
In short NO! The model varies from jurisdiction to jurisdiction and from institution to institution.
#Compliance should delegate and follow up on matters pertinent to regulatory, policy and legal compliance, and check some other forms of Non -compliance so that a bank must always adhere to the best practices, conduct, risk management culture and ethical business strategies,
as part of its policy, and/or operational requirements in a given Legal Jurisdiction.
Yes, Risk and Compliance do co-ordinate with one another, for e.g. as in cases mentioned below in the following order ->
•For e.g. when it comes to implementing the #AML /KYC/CTF/ EDD/SDD and designing CIP Programs.
•They might also help each other in complying with the Basel
•Check compliance with the local banking laws, central banking instructions and regulations with regard to Banking Conduct.
•Implementing the #IFRS drove Accounting Reporting Frameworks and Standards and the Accounting Laws in a given country,
Oversee controls in areas related to #SOX Compliance.

•Check compliance with the Stock Exchange Regulations (if the bank is listed on an exchange),
Check #compliance with any other standard or internal controls that are deemed to be important by the BODs -(Board of Directors) and the Appointed Senior Management at the bank.
The coordination is very much there, with a lot of assignment overlaps too; but the two functions/departments are entirely different and have a different scope altogether.
They at best can only assist one another to meet strategic business targets within the frameworks of the local and international banking and other laws, the controls, the service quality standards, capital management regulations as issued by the BIS, last not the least in terms
of the laid down best practices by the Industry/ banking association.

In fact, if a bank tries to join the two units, that might create additional operational headaches, audit-related objections and regulatory fines /problems.
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