BANK OF MAURITIUS - Guideline on Compliance Risk Management and Governance Framework [November 2024]
25/11/2024
This guideline outlines the minimum requirements for all banks, non-bank deposit-taking institutions, and cash dealers licensed by the Bank of Mauritius to manage compliance risks effectively.
The Guideline on Compliance Risk Management and Governance Framework draws on the guiding principles of the Basel Committee on Banking Supervision (BCBS) in its publication ‘Compliance and the compliance function in banks’ and on international best practices.
Key aspects include:
- Governance Structure: Establishing a robust governance framework to manage compliance risk.
- Risk Assessment: Regularly conducting comprehensive risk assessments to identify and mitigate compliance risks.
- Policies and Procedures: Implementing clear policies and procedures to ensure adherence to regulatory requirements.
- Training and Awareness: Providing ongoing training to staff to enhance their understanding of compliance obligations.
- Monitoring and Reporting: Setting up mechanisms for continuous monitoring and reporting of compliance issues.
Source:
- Guideline on Compliance Risk Management and Governance Framework | Bank .... https://www.bom.mu/financial-stability/supervision/guidelines/guideline-compliance-risk-management-and-governance-framework.
- Guidelines - Bank of Mauritius. https://www.bom.mu/financial-stability/supervision/guideline.
- Compliance and the compliance function in banks. https://www.bis.org/publ/bcbs113.htm.
- Basel Committee on Banking Supervision - Bank for International Settlements. https://www.bis.org/bcbs/publ/d328.pdf.
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