The paper aims to examine the organizational issues that come from the recent establishment of the compliance function in Italian banks. The paper takes as a starting point the Bank of Italy’s regulations and the existing literature on compliance, in order to create a theoretical model of an efficient internal control system. For each organizational structure of compliance, the paper describes strengths and weakness. It also outlines the scopes of compliance and internal audit in order to avoid overlaps. Having regard to the similarities between operational risk and compliance risk, the study identifies cooperation areas so as to achieve synergies, in terms of costs, and a better operational efficiency.
Compliance function in Italian banks: organizational issues
BIRINDELLI, GIULIANA;
2013-01-01
Abstract
The paper aims to examine the organizational issues that come from the recent establishment of the compliance function in Italian banks. The paper takes as a starting point the Bank of Italy’s regulations and the existing literature on compliance, in order to create a theoretical model of an efficient internal control system. For each organizational structure of compliance, the paper describes strengths and weakness. It also outlines the scopes of compliance and internal audit in order to avoid overlaps. Having regard to the similarities between operational risk and compliance risk, the study identifies cooperation areas so as to achieve synergies, in terms of costs, and a better operational efficiency.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
