COMPLIANCE POLICY. October 6, 2015 Policy Number: RMP 01/15 Version P a g e

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1 COMPLIANCE POLICY October 6, 2015 Policy Number: RMP 01/15 Version P a g e

2 Policy: Compliance Policy Level: Enterprise Wide Policy Type: Risk Management Policy Owner: Head of Risk Management Unit Reviewed by: Executive Management Committee (ExCo) Approval by: Board Finance & Risk Management Committee Confidentiality This document has been issued strictly for internal business purposes of IDBZ 1 P a g e

3 DOCUMENTATION HISTORY: Date Version Changes Made October 6, 2015 Establishment of the IDBZ Compliance Policy P a g e

4 Table of Contents INTRODUCTION Policy Context: Background Definitions: Compliance and Compliance Risk COMPLIANCE MANAGEMENT SYSTEM Board of Directors and Management Oversight Compliance Officer The Compliance Function Independence and Authority Reporting COMPLIANCE PROGRAMME Training Monitoring Customer Complaint Response COMPLIANCE AUDIT INTERNAL AUDIT ASSURANCE CERTIFICATION OF THE COMPLIANCE POLICY: P a g e

5 1. INTRODUCTION Financial institutions function in a vibrant environment influenced by industry regulation, convergence of financial services, emerging technology, and market globalisation. To remain profitable in such a vibrant environment, financial institutions must unremittingly evaluate and transmute their product and service offerings and operations in the setting of a business strategy. In the same disposition, new legislation may be passed to address developments in the marketplace. All these forces in their entirety syndicate to create inherent risk. To address this risk, a financial institution must advance and maintain a sound compliance management system that is assimilated into the overall risk management strategy of the institution. Eventually, compliance should be part of the daily routine of management and employees of a financial institution. This policy confers the elements of an effective compliance management system, Board of directors and management oversight, the compliance programme, and the compliance audit. 1.2 Policy Context: Background The Reserve Bank of Zimbabwe (RBZ) Corporate Governance guideline no /BSD directs Board of Directors of Banking institutions to set up an independent compliance function and also to approve the Bank s compliance policy. The revision of the Banking Act is seen to further enforce this requirement and hence the need for IDBZ to ensure compliance with these requirements more so in view of the fact that the Bank has been placed under the regulatory and supervisory purview of the RBZ. It is also important for the Bank to be awake to international best practices with regards the subject of compliance risk management as and when it engages international partners. Compliance issues will also arise when the Bank engages different stakeholders during the course of implementing infrastructure projects. For example, compliance with environmental issues or compliance with compensation laws in situations where human beings are displaced to make way for infrastructure projects. All these pertinent issues require the Bank to be fully equipped to handle any compliance concerns that may arise. 1.3 Definitions: Compliance and Compliance Risk Compliance can be defined as the adherence or obedience to laws, regulations, rules, related self-regulatory organisational standards and codes of conduct in matters concerning observing proper standards of market conduct, managing conflicts of interest and 4 P a g e

6 specifically dealing with matters such as prevention of money laundering and terrorist financing, and investigations of alleged corrupt and fraudulent behaviour. Compliance risk is the risk of legal or regulatory sanctions, material financial loss, or loss to reputation which a Bank may suffer as a result of its failure to comply with applicable laws, regulations, rules and standards. For example, a Bank that knowingly participates in transactions intended to be used by customers to avoid regulatory or financial reporting requirements, evade tax liabilities or facilitate illegal conduct will be exposing itself to significant compliance risk. In a Development Finance Institution such as the Infrastructure Development Bank of Zimbabwe (IDBZ), compliance can classically cover the following three areas in which compliance risk is assessed. Institutional compliance includes issues of governance, internal structure and decision making process, principles of procurement, principles of Corporate Social Responsibility (CSR), disclosure policies, sustainability reporting and adherence to internal policies and procedures. Operational compliance includes the assessment of integrity risk and reputation risk in the Bank s transactions, in particular certain principles, such as Anti-Money Laundering (AML), Counter Terrorist Financing (CTF) and Know Your Customer (KYC) as well as compliance issues in relation to the development of new products, projects or business practices. Conduct compliance includes risk in terms of conflict of interest, insider trading and other issues related to professional conduct of members of the Bank s governing and management bodies and of Bank staff. Basic principles concerning compliance Compliance begins at the top and shall be a measure of the culture of the Bank and the Board of Directors, the Chief Executive Officer and senior management shall lead by example. 5 P a g e

7 Compliance is a fundamental part of the Bank s business activities. The identification of compliance risk, its assessment and the fitting risk response shall be elements to consider in any due diligence process. Members of the Board, management and staff of the Bank carry out their tasks in accordance with the legal framework applicable to the Bank and in compliance with generally accepted standards of good financial and administrative practice. In doing so they shall observe the fundamental principles of conduct of the Bank: Integrity, professionalism, team work, service orientation and social responsibility. 2. COMPLIANCE MANAGEMENT SYSTEM 2.1 Compliance Management System set up A compliance management system is how an institution: learns about its compliance responsibilities; ensures that employees understand these responsibilities; ensures that requirements are incorporated into business processes; reviews operations to ensure responsibilities are carried out and requirements are met; and takes corrective action and updates materials as necessary. An effective compliance management system is commonly comprised of three interdependent elements: Board and management oversight Compliance programme Compliance audit When all elements are strong and working together, an institution will be successful at managing its compliance responsibilities and risks now and in the future. IDBZ is required to comply with all applicable laws, statues, standards, best practice/voluntary codes, rules and regulations. Noncompliance can result in monetary penalties, litigation, and formal enforcement actions. Non-conformance to best practice/voluntary codes may also result in market censure. The responsibility for ensuring the Bank is in compliance appropriately rests with the Board of directors and management 6 P a g e

8 of the Bank. Therefore, the Bank is expected to have an effective compliance management system adapted to its unique business strategy. 2.2 Board of Directors and Management Oversight The Board of directors of the Bank is ultimately responsible for developing and administering a compliance management system that ensures compliance with all applicable laws, statutes, standards, best practice/voluntary codes rules and regulations. To a large extent, the success of the Bank s compliance management system is founded on the actions taken by the Board and senior management. The following key actions must be taken by the Board and management to demonstrate their commitment to maintaining an effective compliance management system and to set a positive climate for compliance: demonstrating clear and unequivocal expectations about compliance; adopting clear policy statements; adopting a risk management framework of which quantification of the risk of noncompliance forms an integral part; appointing a compliance officer with authority and accountability; allocating resources to compliance functions commensurate with the level and complexity of the institution's operations; conducting periodic compliance audits; and providing for recurrent reports by the compliance officer to the Board. Leadership on compliance by the Board of directors and senior management should set the tone for the Bank. The Board and senior management should discuss compliance topics during their meetings. They should include compliance matters in their communications to personnel within the Bank and the general public. Management and staff within the Bank should have a clear understanding that compliance is important to the Board and senior management, and that they are expected to incorporate compliance in their daily operations. The Board of directors and senior management should provide for the administration of the compliance program through the designation of a compliance officer. In developing the organizational structure of the compliance program, a Board and senior management must grant a compliance officer sufficient authority and independence to: 7 P a g e

9 cross departmental lines; have access to all areas of the institution s operations; and effect corrective action. The Board delegates to management the implementation of an effective compliance framework and the processes connected with it. The Board should ensure that compliance is understood to be more than mere observance of laws and regulations, but an ethical imperative for the governance of the Bank. Compliance with applicable laws must be understood not only in terms of the obligations which the law creates but also in terms of the rights and protections that it affords to the Bank. 2.3 Compliance Officer A compliance officer should have knowledge and understanding of all applicable laws, statutes and regulations that apply to the business operations of the Bank. The compliance officer should also have general knowledge of the overall operations of the Bank and interact with all of the departments and branches to keep abreast of changes (e.g., new products and services or business practices, personnel turnover) that may require action to manage perceived risk. In discharging the duties of the office, the compliance officer shall perform his or her functions with such care and skill as can reasonably be expected from a person responsible for such a function in a similar institution. A compliance officer's general responsibilities include: advising senior management on relevant laws, standards, rules and regulations, recommendations and best practices in the market place. advising the Board of directors on ways to comply with all applicable laws, codes of conduct and standards of good practice, and assist the Board in complying with them. recommending and commenting on policies, guidelines, rules and procedures for compliance issues. developing compliance policies and procedures; 8 P a g e

10 training the Board, management and employees in applicable laws, statutes, rules and regulations; reviewing policies and procedures for compliance with applicable laws, statutes, standards, rules and regulations and the institution's stated policies and procedures; identifying and assessing emerging issues or potential liabilities with a bearing on compliance risk; assessing and monitoring responses to consumer complaints; liaising and coordinating with internal and external functions in matters of compliance and managing compliance risks reporting compliance activities and audit/review findings to the Board; and ensuring corrective actions are taken. To be effective at overseeing compliance and maintaining a strong compliance posture, a compliance officer must be provided with ongoing training, as well as sufficient time and adequate resources to do the job. The compliance officer may utilize third-party service providers within the Bank or consultants to help administer the compliance function. However, the compliance officer should perform sufficient due diligence to verify that the provider is qualified, because ultimately the institution is accountable for compliance with all laws, statutes and regulations. 2.4 The Compliance Function In addition to clearly defined responsibilities, the IDBZ subscribes to the principles pertaining to an effective compliance function such as independence, authority, including access to information and reporting. 2.5 Independence and Authority The Compliance function has been established as an independent function in line with the requirements of the Reserve Bank of Zimbabwe as well as international best practice meaning that a) it has a formal status b) there is one person responsible for coordinating the Bank's management of compliance risk and c) the Compliance function is given access to all information and to staff necessary to carry out its responsibilities. To provide for independence, the Compliance function reports administratively to the Chief Executive Officer and functionally to the Board. Independence does not, however, prevent 9 P a g e

11 a functioning co-operative working relationship with other units in the Bank including Internal Audit. The Compliance function has access to all the Bank s departments, units and teams for the purpose of discharging its responsibilities in an independent manner. The Compliance function shall have full and unrestricted access to all of the Bank s functions and personnel, including the Chief Executive Officer and to the External Auditors. The Compliance function shall, in compliance with applicable rules of the Bank, also have access to any information, records or files, it deems necessary for carrying out its duties. Information accessed by the Compliance function shall be handled in the same prudent and confidential manner as required from those persons who are normally accountable for such information and documents. The Compliance function is further free to report to senior management on any breaches or non-compliance with this policy or any other relevant policy, rules and regulations. This means that Compliance function shall be able to carry out its functions on its own initiative (including using outside expertise) without obstruction and fear of retaliation from management and other staff members. 2.6 Reporting The Compliance Officer will inform the Chief Executive Officer, the Board of Directors and any properly appointed committee on matters of importance regularly and as they occur in accordance with established policies and guidelines. 3. COMPLIANCE PROGRAMME A sound compliance programme is essential to the efficient and successful operation of the institution, much as a business plan. A compliance programme includes the following components: Compliance framework Policies and procedures Training Monitoring Complaint response 10 P a g e

12 The Bank should establish a formal, written compliance programme. In addition to being a planned and organized effort to guide the institution s compliance activities, a written programme will represent an essential source document that will serve as a training and reference tool for all employees. A well planned, implemented, and maintained compliance programme will help to prevent or reduce regulatory violations, provide cost efficiencies, and is naturally a sound business step. 3.1 Policies and Procedures Policies and procedures generally should be described in a document and reviewed and updated as the Bank's business and regulatory environment changes. Policies should include goals and objectives and appropriate procedures for meeting those goals and objectives. Generally it is expected that, the degree of detail or specificity of procedures will vary in accordance with the complexity of the issue or transactions addressed. The Bank s policies and procedures should provide personnel with all the information needed to perform a business transaction. This may include applicable regulation cites and definitions, sample forms with instructions, institution policy, and, where appropriate, directions for routing, reviewing, retaining, and destroying transaction documents. For example, loan application procedures should be established so that the Bank s personnel consistently treat all applicants equitably and fairly. These procedures should incorporate and clearly convey to staff the regulatory requirements and the Bank's lending policy, including the Bank s lending criteria. Policies and procedures are the means to ensure consistent operating guidelines that also support the Bank in complying with applicable laws, statutes, standards, rules and regulations. Also, these criteria will provide standards by which compliance officers and line managers may review business operations. 3.2 Training Induction and continuing education of the Bank's Board of directors, management and staff is essential to maintaining an effective compliance program. Line management and staff should receive specific, comprehensive training in laws, statutes, standards, rules and regulations, and internal policies and procedures that directly affect their jobs. 11 P a g e

13 The compliance officer or any appointed third party should be responsible for compliance training and establish a regular training schedule for directors, management, and staff. Training can be conducted in-house or through external training programs or seminars. Once personnel have been trained on a particular subject, a compliance officer should periodically assess employees on their knowledge and comprehension of the subject matter. An effective compliance training program is frequently updated with current, complete, and accurate information on products and services and business operations of the Bank, laws, rules and regulations, internal policies and procedures, and emerging issues in the public domain. For example, loan officers, as well as other front-line personnel regularly interacting with loan applicants, should be fully informed about the loan products and services offered by the Bank and thoroughly knowledgeable about all aspects of the credit protection laws and regulations that apply. 3.3 Monitoring Monitoring is a proactive approach by the Bank to identify procedural or training weaknesses in an effort to preclude regulatory violations. The inclusion of a compliance officer in the planning, development, and implementation of business propositions increase the likelihood of success of its compliance monitoring function. An effective monitoring system includes regularly scheduled reviews of: disclosures and calculations for various product offerings; document filing and retention procedures; posted notices, marketing literature, and advertising; various laws, directives and regulations; third party service provider operations; and internal compliance communication systems that provide updates and revisions of the applicable laws and regulations to management and staff. Changes to regulations or changes in the Bank's business operations, products, or services should trigger a review of established compliance procedures. Modifications that are necessary should be made expeditiously to minimize compliance risk, and applicable personnel in all affected operating units should be advised of the changes. Monitoring also includes reviews at the transaction level during the normal, daily activities of employees in every operating unit of the Bank. This might include, for example, verification of an annual 12 P a g e

14 percentage rate, or a second review of a loan application, before the transaction is completed. Monitoring at this level helps establish management and staff accountability and identifies potential problems in a timely manner. The Compliance officer should monitor employee performance to ensure that they are following the Bank s established internal compliance policies and procedures. The frequency and volume of employee turnover at the Bank should be factored into the schedule for reviews. Such reviews are especially critical after problems have been noted during past audits or examinations, regulations change, new products are introduced, mergers occur, or when additional branch locations are opened. 3.4 Customer Complaint Response The Bank should be prepared to handle consumer complaints promptly. Procedures should be established for addressing complaints, and individuals or departments responsible for handling them should be designated and known to all institution personnel to expedite referrals. Complaints may be indicative of a compliance weakness in a particular function or department. Therefore, a compliance officer should be aware of the complaints received and act to ensure a timely resolution. A compliance officer should determine the cause of the complaint and influence corrective action to improve the Bank's business practices, as appropriate. 4. COMPLIANCE AUDIT A compliance audit is an independent review of an institution's compliance with laws, statutes and regulations and adherence to internal policies and procedures. The audit helps management ensure ongoing compliance and identify compliance risk conditions. It complements the institution s internal monitoring system. An audit may be conducted once a year, or may be ongoing where all products and services, all applicable operations, and all departments and branches are addressed on a staggered basis. An audit may be performed in-house or may be contracted to an outside external audit firm, regulator or individual, such as a consultant. In cases where the Bank outsources the audit there should be certainty that the auditor is well-versed in compliance, and that 13 P a g e

15 the audit program is based on current law and regulation, as well as comprehensive in scope. Generally, a strong compliance audit will incorporate vigorous transaction testing. Regardless of whether audits are conducted by institution personnel or by an outside source, the audit findings should be reported directly to the Board of directors or a committee of the Board. A written compliance audit report should include: scope of the audit (including departments, branches, and product types reviewed); deficiencies or modifications identified; number of transactions sampled by category of product type; and descriptions of, or suggestions for, corrective actions and time frames for correction. Board and senior management response to the audit report should be prompt. The compliance officer should receive a copy of all compliance audit reports, and act to address noted deficiencies and required changes to ensure full compliance with consumer protection laws and regulations. Management should also establish follow-up procedures to verify, at a later date, that the corrective actions were lasting and effective. INTERNAL AUDIT ASSURANCE The Bank s Internal Audit Function shall be responsible for submitting to the Board at least once a year a written assessment of the effectiveness of the Bank s compliance function. CERTIFICATION OF THE COMPLIANCE POLICY: We certify that this policy document has been adopted as the official Compliance Policy for the Infrastructure Development Bank of Zimbabwe. 14 P a g e

16 Signed: Mr. T. Z. Sakala (CEO)..... Signature Date Board Finance & Risk Management Committee Mrs. M. Sangarwe (Chairman)..... Signature Date 15 P a g e

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