The financial world is under scrutiny, trust in banks has yet to be restored and external supervisory authorities have more influence than ever. The banking industry is subject to complex rules and regulations, the number of which has grown in recent years. ABN AMRO’s Compliance & Conduct department helps make these rules and regulations workable and understandable for employees. The department encourages staff to display the desired behaviour and helps create the right culture at the bank.
Compliance & Conduct functions as a ‘mirror’ for the bank and seeks out a dialogue with employees and supervisory authorities on what it means to be a ‘good’ banker in the financial industry. Unfortunately, large companies with international operations cannot entirely avoid incidents. Behaviour that is acceptable today could be considered unethical tomorrow. Compliance & Conduct supports managers and staff at ABN AMRO in making the right choices and investigates why they have made certain choices.
There are local supervisory authorities and locally operating compliance teams in countries outside the Netherlands where ABN AMRO is active. Staff of these compliance teams have extensive knowledge of, and apply, local rules and regulations. The Compliance & Conduct team at the bank’s head office coordinates and supervises the local teams. Supervision has recently been tightened in response to incidents that have taken place in the past.
ABN AMRO devotes a lot of attention to training staff of Compliance & Conduct. The team is made up of people with different backgrounds, including lawyers, accountants, economists, psychologists and behavioural scientists. Compliance & Conduct works together closely with the bank’s Legal, Risk Management and HR departments.