SESSION 4 – Banking Sector. Cost of Lack of Compliance – Danger to Sustainability

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Day 1 | Thursday, November 10, 2016

08.30.–09.00.   Registration & Welcome Coffee
10.30.–10.45.   Coffee Break
12.15.–13.30.   Networking Lunch
13.30.–15.00.   SESSION 3 | PHARMA “Implications of EFPIA Transparency Codes”
15.00.–15.15.   Coffee Break
16.45.–17.00.   Closing Remarks

Session Chair

Codru VRABIE, Anti-Corruption Expert (Funky Citizens)

vrabie-codru

iovu-mirela

 

The Concepts “Comply or Explain” and “If you think compliance is expensive try non–compliance!”

Mirela IOVU, Vice-President (CEC Bank)

From the ancient times, the humankind has been compelled to comply to norms, some of them of Divine origin: the Hammurabi Code, the Decalogue or “The ten commandments” from the Old Testament, The 12 tablets (to enumerate the oldest). Therefore, what means the notion of conformity, of conformation, beyond the etymological meaning of the word? According to some definitions, “conformity” means “convenience, accord, matching, respecting, obedience”, namely:
– “To do what is required and expected to be done” by laws, policies, programs, procedures, codes of behavior and good practices.
– “To compare everyday the rule with that is done in reality”, namely to compare the law and the legal obligations with the ones which has to be assured the conformation, with the current processes of the institution, thereby how are regulated in organizational framework.
– “Responsibility at the level of every individual”, whereas the conformation and the conformable behavior to be part of the culture of an organizations. It begins from the top and has to exist as an everyday responsibility, in the conscience and the mentality of every person within an institution.

krull-hermann

 

Costs of Lack of Compliance in the Banking Sector. A South African Perspective

Hermann KRULL, Advocate, Head of the Compliance and Legal Services Department (The South African Bank of Athens Limited)

Tba

ducu-cristian

 

Looking beyond Regulatory Compliance. The Costs Associated to Toxic Organisational Practices

Cristian DUCU, Senior Ethics & Compliance Consultant (Centre for Advanced Research in Management and Applied Ethics)

The Banking and the Financial sector in general are highly regulated all over the world. In Europe, for example, there are multiple levels and layers of regulations (EU regulatory framework, national legislation, specific stock exchange norms, but also the legislation of other jurisdictions (i.e., SOX, FCPA, UK Anti-Bribery Act)) that impose several business practices and induce a certain type of approach to compliance. This approach is known as “regulatory compliance”, where the focus is entirely on conformity with the law.
The main problem with regulatory compliance is the fact that leads to major blindspots in what is usually called “soft compliance”, and which deals with the behaviour of employees, managers and third parties. This presentation is trying to bring into discussion the costs associated to toxic organisational practices: from the business model (e.g. franchising banking services, unrealistic targets for credit officers etc.) to the market presence (e.g. immoral marketing campaigns etc.) or human resources management (e.g. downsizing for margin equilibrium, over-hours and work-life balance myth).

2016 European Ethics & Compliance Forum, Session 4

2016 European Ethics & Compliance Forum, Session 4

2016 European Ethics & Compliance Forum, Session 4