Banks need to ensure they are complying with the Code of Banking Practice to maintain consumer confidence in their services and a strong reputation in the market place.
Internal feedback systems such as quality assurance and complaints handling processes can help banks meet their code obligations – and continuously improve business practices.
Developing strong internal compliance programs
The CCMC’s monitoring program, including our Annual Compliance Statement, helps banks to develop and maintain robust internal breach reporting and feedback systems. Our program supports banks to:
- identify areas of key risk in their business
- reduce the impact of any non-compliant activity, and
- remedy or mitigate Code breaches.
By developing a strong compliance program, banks can:
- reduce customer complaints and disputes – decreasing business costs
- safeguard their reputation, and
- achieve standards of service consumers can trust.
Our goal is to ensure our monitoring program provides banks with an effective mechanism for self-assessing their code compliance, monitoring and reporting frameworks, while providing us with accurate data about the level of code compliance among subscribers.
The International Standard on compliance programs
The International Standard ISO-19600 on compliance programs provides us with authoritative guidance on how banks should effectively manage their code compliance obligations.
This Standard requires banks, among other things, to maintain effective internal breach reporting arrangements. The criteria applied by the Standard include:
- timelines for the regular reporting of breaches
- exception reporting
- systems to facilitate ad hoc reporting of issues, and
- systems to ensure appropriate information is provided to key staff so they can take effective remedial action.