Compliance and Governance Sector
The Compliance and Governance sector at the Industrial Development Bank is an independent oversight unit that reports directly to the Audit Committee under the Board of Directors. This sector is responsible for ensuring the bank's adherence to laws, regulatory instructions, and internal and international regulations. Its primary objective is to mitigate risks, particularly reputational risks, that may arise from non-compliance with laws and regulatory requirements.
The role of the Compliance and Governance sector includes providing guidance and advisory services to employees to ensure compliance, developing training programs to raise compliance awareness, monitoring the implementation of regulatory instructions, and applying, evaluating, and enhancing governance practices within the Industrial Development Bank.
The core objective of the Compliance and Governance sector at the Industrial Development Bank is to safeguard the bank's reputation and credibility, protect the interests of shareholders and customers, and shield the bank from penalties and sanctions. Additionally, it aims to enforce compliance policies, promote a culture of compliance across all bank activities, and take measures to prevent and mitigate non-compliance risks.
The Industrial Development Bank strictly prohibits any form of violation of laws, regulatory instructions, or non-compliance with the bank’s approved policies and procedures as endorsed by the Board of Directors. The bank continuously and periodically identifies and assesses risks to minimize any instances of non-compliance.
The Compliance Department contributes to protecting the bank, its employees, and its customers from any risks to its reputation, as well as the risks of non-compliance with banking laws and Central Bank instructions.
Duties of the Compliance and Anti-Financial Crime Team.
- Identifying, assessing, and reporting risks and aspects of non-compliance within the bank that may lead to legal or administrative penalties or financial losses.
Compliance Environment at the Industrial Development Bank - Board of Directors: The Board of Directors oversees the management of non-compliance risks and provides ongoing support to the bank's senior management and compliance department to ensure they are able to perform their duties effectively.
- Senior Management: The bank's senior management provides ongoing support to the Compliance Department to ensure its effectiveness in the compliance environment.
- Board of Directors: The Board of Directors oversees the management of non-compliance risks and provides ongoing support to the bank's senior management and compliance department to ensure they are able to perform their duties effectively.
- Senior Management: The bank's senior management provides ongoing support to the Compliance Department to ensure its effectiveness in the compliance environment.
- Given the awareness of all bank employees of the importance of compliance and its benefits for protecting the bank, its customers, and employees, they are all committed to adhering to all regulations. and instructions in all their work, seeking to protect the bank and its customers.
- The Compliance Department supports the Board of Directors, senior management, and employees in managing non-compliance risks.
Governance
The Board of Directors and Executive Management believe in implementing best practices in governance rules and principles to enhance the confidence of shareholders, particularly minority shareholders and other stakeholders. Governance is the set of rules and practices that govern the relationship between the Board of Directors and the bank's management, with clear definitions of the powers and responsibilities of each. Governance addresses the approach followed by our bank's Board of Directors and senior management to direct and manage its daily affairs and activities through: - Setting the bank's strategy and defining its objectives
- Managing the bank's daily business and activities
- Ensuring that the bank's activities are conducted in a safe and sound manner and within the framework of compliance with applicable laws and regulations
- Achieving the highest standards of corporate values, ensuring their integration and consolidation into the bank's culture
The Board periodically ensures the bank's compliance with all governance principles through periodic reviews and updating of the Code of Professional Conduct to modernize its governance practices to comply with regulatory requirements, in addition to enhancing corporate values. and other internal policies and procedures that apply to all members of the Board of Directors, executive directors and all employees of the Bank.
