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dc.contributor.author
SAPOUNTZI, IOANNA
en
dc.date.accessioned
2016-06-23T12:15:51Z
dc.date.available
2016-06-24T00:00:18Z
dc.date.issued
2016-06-23
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/14550
dc.rights
Default License
dc.subject
Compliance
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dc.title
The role of the Compliance Function as a key element of Corporate Governance efficiency in the banking sector. An impediment or an asset in the strategy and profitability of credit institutions?
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heal.type
masterThesis
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heal.secondaryTitle
An impediment or an asset in the strategy and profitability of credit institutions?
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heal.creatorID.email
i.sapountzi@ihu.edu.gr
heal.generalDescription
Investigation and establishment of the relationship between compliance function -as a key element of sound corporate governance- and the profitability in banks.
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heal.classification
Banking
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heal.classification
Compliance
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heal.classificationURI.MSC
Business Administration
heal.keywordURI.LCSH
Bank management
heal.keywordURI.LCSH
Banks and banking
heal.keywordURI.LCSH
Corporate governance
heal.keywordURI.LCSH
Corporate governance--Case studies
heal.language
en
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heal.access
free
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heal.license
http://creativecommons.org/licenses/by-nc/4.0
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heal.references
49 7. Bibliography  AON Risk Solutions “Global Risk Ma nagement Survey 2015” available : ” http://www.aon.com/2015GlobalRisk/attachments/2015 - Global - Risk - Management - Report - 230415.pdf  Basel Committee on Banking Supervision, Compliance and the compliance function in banks, April 2005, available : http://www.bis.org/publ/bcbs113.pdf  Bank of Greece Governor’ s Act 2577/9.3.2006 “Framework of ope rational principles and criteria for the evaluation of the organization and Internal Control Systems of credit and financial institutions and relevant powers of their management bodies” available : http://www.bankofgreece.gr/BogDocumentEn/GA.BG_2577 - 9.03.2006_Framework_of_operational_principles_and_criteria_for_the_evaluation_ o f_the_organisation_and_Internal_C.pdf  Basel Committee on Banking Supervision ( July 2015 ) , Corporate governance principles for banks, availa ble : http://www.bis.org/bcbs/publ/d328.pdf  Basel Committee on Banking Supervision ( August 2008 ) , Implementation of the compliance principles, A survey, available : http://www.bis.org/publ/bcbs142.pdf  Basel III ( June 2011 ), A global regulatory framework for more resil ient banks and banking systems - revised version , available : http://www.bis.org/publ/bcbs189.pdf  Berger, Allen N., Imbierowicz, Björn, Rauch, Christian ( December 2012 ), The Roles of Corporate Governance i n Bank Failures during the Recent Financial Crisis.  Gong Cheng, Dirk Mevis (2015), What happened to profitability? Shocks, challenges and perspectives for euro area banks, European Stability Framework, Working Paper Series, available : http://www.esm.europa.eu/pdf/ESM_WP_20151118_Profitability.pdf  Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amen ding Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC, OJ L 319, 5.12.2007, p. 1 – 36.  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institution s and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, OJ L 176, 27.6.2013, p. 338 – 436  Regulation (EU) No 575/2013 on prudential requirements for credi t institutions and investment firms (CRR), OJ L 176, 27.6.2013, p. 1 – 337.  Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Direc tives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010, OJ L 60, 28.2.2014, p. 34 – 85  Dodd - Frank Wall Street Reform and Consumer Protection Act, available: https://www.sec.gov/ about/laws/wallstreetreform - cpa.pdf  EBA “Follow - Up Report on the actions taken by competent authorities following the publication of the Opinion of the European Banking Authority on the application of Directive 2013/36/EU regarding the principles on rem uneration policies for credit institutions and investment firms and the use of allowances” available : 50 https://www.eba.europa.eu/documents/10180/950548/Repor t+on+the+Use+of+Allo wances.pdf  EBA “Report on Benchmarking of Remuneration and on High Earners 2013” available : https:// www.eba.europa.eu/documents/10180/950548/Report+on+Benchmarking+o f+Remuneration+and+on+High+Earners+2013.pdf  Foreign Account Tax Compliance Act (FATCA) available: https://www.irs.gov/Businesses/Corporations/Foreign - Account - Tax - Compliance - Act - FATCA  Geoffrey P. Miller (November 2014), The compliance function: an overview , New York University School of Law, NYU Center for Law, Economics and Organization, Work ing Paper No. 14 - 36 .  Josiah Aduda, James Gitonga ( September 2011 ) , The Relationship Between Credit Risk Management and Profitability Among the Commercial Banks in Kenya, Journal of Modern Accounting and Auditing, Vol. 7, No. 9, 934 - 946.  Miles Everson, C harles Ilako, and Carlo di Florio ( March 2003 ), Corporate Governance, Corporate Governance, Business Ethics, and Business Ethics, and Global Compliance Management , p. 22, ABA Bank Compliance.  OECD Corporate Governance Board Practice – Incentives and Govern ing Risks (2011) available : http://www.oecd.org/daf/ca/49081438.pdf  OECD “The Financial Crisis: Reform and Exit Strategies” (2009) available : http://www.oecd.org/daf/fin/financial - education/43091457.pdf  S. S. Mundra ( 27 August 2014 ), Re - emphasizing the role of compliance function in banks, Conference of Chief Compliance Officers in RBI, Mumbai, available: http://www.bis.org/review/r140917d.htm Useful links  Basel Committee on Banking Supervision: http://www.bis.org/bcbs/basel3.htm  European Central Bank – Banking Supervisi on: https://www.bankingsupervision.europa.eu/home/html/index.en.html  European Union website: http://europa.eu/index_en.htm  Federa l Reserve System - Legal actions by the Board or by the Federal Reserve Banks under delegated authority , available : http :// www . federalreserve . gov / newsevents / pres s / enforcement /2015 enforcement . h tm  Financial Conduct Authority – Fines available: http://www.fca.org.uk/firms/being - regulated/enforcement/fines/2015 - fines  Internal Rev enue Service: https://www.irs.gov/Businesses/Corporations/Foreign - Account - Tax - Compliance - Act - FATCA  OFAC : https://www.treasury.gov/about/organizational - structure/offices/Pages/Office - of - Foreign - Assets - Control.aspx  U.S. Security and Exchange Commission: https://www.sec.gov
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heal.fileFormat
pdf
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heal.recordProvider
School of Economics, Business Administration and Legal Studies, Executive MBA
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heal.publicationDate
2016-06-10
heal.abstract
This dissertation was written as part of the MSc in EMBA Program at the International Hellenic University. Corporate governance is inextricably linked to proper functioning and profitability of the banks, and i s nowadays regulated by a continuously accelerating legal and compliance framework which determines the relationships of bank’s management, its board, its shareholders and its stakeholders. As a result, compliance function evolved in a key element of corporate governance, delegat ed with the difficult task of ensuring compliance with the current excessive legislation. In the light of the above by means of quantitative methods we investigate and establish the relationship between compliance function - as a key element of sound corp orate governance - and profitability in banks. We used a questionnaire to measure the perception of compliance function among high - ranking executives and compliance officers as well. The results obtained from the relevant research suggest that compliance f unction is linked with profitability of banks. Specific implications and recommendations were presented and discussed . Upon completion of this thesis, I would like to take the opportunity to express my gratitude to those who have supported and assisted m e throughout the process. In particular, I express my deep appreciation to Ms. Kyrgidou for her assistance, guidance and support. I would also to thank Mr. Leven t is and the IHU ’s administrative and academic staff for their understanding and supporting in the ex ceptional circumstances that I faced. I would like to especially thank my employer for providing me with this opportunity. More importantly I dedicate this thesis to my family and my mother who at all times really supported and acknowledged my effor ts in continuous education , but unfortunately passed away two years ago, in the same day that I began this journey in knowledge with IHU .
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heal.tableOfContents
ABSTRACT ................................ ................................ ................................ ................ - 3 - 1. I NTRODUCTION ................................ ................................ .............................. - 7 - 2. L ITERATURE REVIEW ................................ ................................ ..................... - 9 - Corporate Governance ................................ ................................ ................. - 9 - Compliance function and co mpliance risk ................................ .................. - 10 - Compliance function’s responsibilities and organization on the 21th century - 12 - 3. M ETHODOLOGY ................................ ................................ ................................ 15 Data collection ................................ ................................ ................................ . 15 Process ................................ ................................ ................................ ............. 16 4. D ATA ANALYSIS ................................ ................................ ................................ 19 5. D ISCUSSION OF F INDINGS ................................ ................................ ................. 42 Compliance Cost - Compliance failure cost ................................ ..................... 43 Compliance risk man agement ................................ ................................ .......... 44 Advice, Guidance, Education ................................ ................................ ........... 44 Statutory responsibilities and liaison ................................ .............................. 45 General Comments ................................ ................................ .......................... 46 Limitations - Suggestions for future research ................................ .................... 46 6. C ONCLUSIONS AND R ECOMMENDATIONS ................................ .......................... 48 7. B IBLIOGRAPHY ................................ ................................ ................................ . 49 Appendix ................................ ................................ ................................ .......... 51
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heal.advisorName
KYRGIDOU, LIDA
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heal.committeeMemberName
LEVENTIS, STERGIOS
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heal.committeeMemberName
KYRGIDOU, LIDA
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heal.committeeMemberName
SIKALIDIS, ALEXANDROS
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heal.academicPublisher
IHU
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heal.academicPublisherID
ihu
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heal.numberOfPages
80
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