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Compliance is an independent global function that works with the businesses to manage risks arising from the potential failure to comply with applicable laws, regulations, rules or market standards. As a second line of defense function, responsibilities include independently assessing compliance risk, executing, monitoring and testing activities and reporting on adherence to our compliance risk appetite and other significant matters to the Board and senior management.
Compliance creates, implements and monitors compliance policies and procedures to prevent or detect compliance breaches on the part of employees and clients. Compliance is mandated to ensure that regulatory and compliance risks are adequately overseen and managed in the organization and is also responsible for the identification and remediation of significant breaches of the Group’s compliance processes and controls. Compliance runs global risk oversight programs, and establishes and monitors policies, guidelines, procedures and controls related to potential risks. Financial Crime remains a key focus area for Credit Suisse, and the key components of our Financial Crime Compliance program are outlined below.