Why have a compliance committee?

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Question:

At a conference I attended, I learned that many of my peers have a compliance committee. Is this required by regulation?

Answer:

Although a compliance committee is not required by regulation, examiners are focusing heavily on the strength of the Compliance Management System, and a compliance committee could be an important component of a CMS. A committee can demonstrate that all areas of the bank are active in the compliance process, which increases the likelihood of producing compliant results.
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