Compliance Norms in Financial Institutions Measures, Case Studies an
Initially, introducing compliance functions within the financial industry had been forced by regulatory scrutiny. Later, it started to spread to other regulated companies, in particular those publicly listed. Now, compliance has become an asset of corpora
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Compliance Norms in Financial Institutions Measures, Case Studies and Best Practices
Compliance Norms in Financial Institutions
Tomasz Braun
Compliance Norms in Financial Institutions Measures, Case Studies and Best Practices
Tomasz Braun Lazarski University Warsaw, Poland
ISBN 978-3-030-24965-6 ISBN 978-3-030-24966-3 (eBook) https://doi.org/10.1007/978-3-030-24966-3 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
1 Introduction 1 1 Aim of the Book 1 2 Methodology 7 3 Assumptions 9 4 The Problem Significance 13 5 The Current State of Research 22 6 The Structure of the Book 25 2 Compliance Norms and Legal Coherence 29 1 Introduction 29 2 Legal Consistency 30 3 Parallel Non-legal Regulations and the Legal System 34 4 Norms Developed by Corporations 39 5 The Collision of Legal and Corporate Norms 45 6 Resolving Conflicts of Legal and Corporate Compliance Norms 49 3 Compliance in Financial Institutions: Tasks, Functions and Structure 53 1 Introduction 53 2 Financial Institutions’ Compliance—Specificity of the Regulated Industry 55 3 The Tasks of Compliance Services in Financial Institutions 63 v
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CONTENTS
4
The Advisory Function of Compliance Services in Financial Institutions 5 Compliance Assurance—Example of IP Risks 6 Reputational Risks Management 7 Sovereign Risks Management 8 The Compliance as Control Function in the Three Lines of Defence Model 9 The Compliance Function Responsibilities in External Relations 10 Compliance Function and Corporate Governance 11 Compliance Risk Management and Legal Risk Management
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