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Management has to ensure compliance with local and federal laws. Which function includes ensuring compliance with labor laws? includes ensuring compliance with labor laws.

Sagot :

Answer: institutions operate in a dynamic environment influenced by industry  

consolidation, convergence of financial services, emerging technology, and market  

globalization. To remain profitable in such an environment, financial institutions  

continuously assess and modify their product and service offerings and operations in the  

context of a business strategy. At the same time, new legislation may be enacted to  

address developments in the marketplace.  

All these forces combine to create inherent risk. To address this risk, a financial  

institution must develop and maintain a sound compliance management system that is  

integrated into the overall risk management strategy of the institution. Ultimately,  

compliance should be part of the daily routine of management and employees of a  

financial institution.  

This chapter discusses the elements of an effective compliance management system --  

board of directors and management oversight, the compliance program, and the  

compliance audit.  

COMPLIANCE MANAGEMENT SYSTEM  

A compliance management system is how an institution:  

¾ learns about its compliance responsibilities;  

¾ ensures that employees understand these responsibilities;  

¾ ensures that requirements are incorporated into business processes;  

¾ reviews operations to ensure responsibilities are carried out and requirements are met;  

and  

¾ takes corrective action and updates materials as necessary.  

An effective compliance management system is commonly comprised of thre

Explanation: