For the banks that have different audit and compliance departments, is the audit committee also responsible for approving compliance policies and reviewing compliance reviews (smaller internal reviews that are done seperate from internal audit compliance reviews).
comp123...yes, our audit committee approves the compliance policy and reviews information from the compliance officer. The CO provides them with a quarterly update of her activities.
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Our Audit Committee reviews all Complinace reviews and Internal Audit reports- as well as Compliance Policies, and other non-compliance Policies. Keep in mind, the Compliance Committe first reviews all Compliance related policies (management committee) before they are approved at the Audit Committee (board committee) hope this helps-
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