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Compliances

PCI Compliance​

The Payment Card Industry Data Security Standard (PCI-DSS) is a set of requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment.

  • Payment Card Industry-Data Security Standard (PCI-DSS)
  • Payment Application-Data Security Standard (PA-DSS)

GitHub - jivoi/offsec | your offsec knowledge

SOC Compliance (Service Organization Control)​

SOC compliance is a certification that shows a service organization has completed a third-party audit and has certain controls in place. The most common types of SOC compliance are SOC 1, SOC 2, and SOC 3. There are also SOC for Cybersecurity and SOC for Supply Chain certifications.

SOC 2 compliance is a voluntary certification that shows an organization's commitment to information security. It covers five pillars, called Trust Services Criteria (TSC): Security, Availability, Processing integrity, Confidentiality, Privacy.

SOC 2 compliance may help organizations avoid data breaches and the financial and reputational damage that can result. It can also increase an organization's brand reputation and give it a competitive advantage.

SOC 2, aka Service Organization Control Type 2, is a cybersecurity compliance framework developed by the American Institute of Certified Public Accountants (AICPA). The primary purpose of SOC 2 is to ensure that third-party service providers store and process client data in a secure manner.

SOC Compliance - Amazon Web Services (AWS)

SOC 2 Type 1 vs Type 2​

There are two main types of SOC 2 compliance: Type 1 and Type 2.

Type 1 attests an organization’s use of compliant systems and processes at a specific point in time. Conversely, Type 2 is an attestation of compliance over a period (usually 12 months).

A Type 1 report describes the controls in use by an organization, and confirms that the controls are properly designed and enforced. A Type 2 report includes everything that’s part of a Type 1 report, along with the attestation that the controls are operationally effective.

SOC 1 vs SOC 2 vs SOC 3​

There are three main types of SOC reports - SOC 1, SOC 2, and SOC 3. The first two are the most prevalent, with the second being most relevant to technology companies.

SOC 1 revolves around financial reporting, whereas SOC 2 focuses more on compliance and business operations. SOC 3 is an adaptation of SOC 2, which reports SOC 2 results in a format that is understandable for the general public.

What is SOC 2: Principles, Types, Benefits | OneLogin

SOC 2 Certification: How To Prepare Yourself in 2024

Other Compliances​

Certified banking compliance professional​

Paper-I: Risk, Regulation & Governance​

MODULE-A: AN OVERVIEW​

  1. Risk definition/ policies - Risk Process-Risk Organization - Key risks - Credit risk, market risk, operational risk, liquidity risk, legal risk, interest rate risk and currency risk
  2. Asset Liability Management - ALM Concept - ALM organization - ALCO techniques/ tools - Simulation, Gap, Duration analysis, Linear and other statistical methods of control
  3. Risk measurement & Control - Calculation - Risk exposure analysis - Risk management/ mitigation policy - Risk immunization policy/ strategy for fixing exposure limits - Risk management policy and procedure - Risk adjusted return on capital - Capital adequacy norms
  4. Risk management - Capital adequacy norms - Prudential norms - Exposure norms - Concept of Mid office - Forwards - Futures - Options - Strategies and Arbitrage opportunities - Regulatory prescriptions of risk management

MODULE-B: CREDIT RISK MANAGEMENT​

  • Introduction - Basel-I
  • Three pillars of Basel-II and Capital for Operational risk
  • Framework for risk management
  • RBI guidelines on risk management
  • Risk rating and risk pricing
  • Methods for estimating capital requirements
  • Credit risk - standardized approach
  • Credit risk - advanced approach
  • Credit rating/ credit scoring and rating system design
  • Credit Bureaus
  • Stress test and sensitivity analysis
  • Internal Capital Adequacy Assessment Process (ICAAP)
  • Introduction to structured products

MODULE-C: OPERATIONAL RISK​

  • Introduction
  • Basel-I & II
  • RBI guidelines
  • Likely forms of operational risk and causes for significant increase in operational risk - Sound Principles of Operational Risk Management (SPOR) - SPOR - organizational set up and key responsibilities of ORM - SPOR - policy requirements and strategic approach for ORM - SPOR identification, measurement, control/ mitigation of operational risks
  • Capital allocation for operational risk, methodology, qualifying criteria for banks for the adoption of the methods
  • Computation of capital charge for operational risk

MODULE-D: MARKET RISK​

Introduction and definition

  • Prescriptions of Basel-I & II
  • Liquidity risk
  • Interest rate risk
  • Foreign exchange risk
  • Price risk (Equity)
  • Commodity risk
  • Treatment of market risk under Basel
    • Standardized duration method
    • Internal measurement approach - VaR
  • Basel-III guidelines
  • Risk Management Policy
  • ALCO structure and functions

Paper-II: Compliance in banks​

MODULE-A: REGULATION AND REGULATORY FRAMEWORK​

  1. Need for regulation in banks; importance of regulation, the role of regulators, the instruments of regulation, regulatory models, regulatory authorities.

MODULE-B: COMPLIANCE PROGRAMME​

  1. Compliance Risk and significance of Compliance Function; Compliance Policy; Compliance principles, process and procedures; Steps taken by Banks for compliance; Scope of compliance function; The Compliance Programme
  2. Compliance governance structure; Organizational structure; Responsibility of the Board and Senior Management; Compliance structure at corporate office; Functional departments; Field level; Internal controls and its importance
  3. Compliances issues; Compliance Risk; Inherent risk and Control risk; Independent testing and effective audit programme; Reporting Framework and monitoring compliance, reporting of breaches/ non-compliances observed; Role of Audit and Inspection; Essentials for good compliance
  4. Creating compliance culture across the organization; Governance, risk and compliance - GRC framework; Benefits of Taking an Integrated GRC Approach; Whistleblower mechanism; The Components of a Whistle-Blower Policy; Reasons for compliance failures

MODULE-C: REGULATORY COMPLIANCES​

  1. Disclosures in Financial statements of Banks; Disclosure Requirements; Capital; Repo Transactions, Investment Portfolio; Derivatives; Asset Quality; Asset Re-construction, Business Ratios; Asset Liability Management; Accounting Standard; Disclosures relating to Securitization
  2. Exposure norms; credit exposure to individuals/ groups; exposure to certain industries; exposure to capital markets; exposures to joint ventures abroad
  3. Computation of CRR/ SLR
  4. Capital adequacy, Basel II, Basel III
  5. KYC/ Anti-Money Laundering guidelines
  6. Mule Accounts

MODULE-D: STATUTORY, REGULATORY RESTRICTIONS AND GUIDELINES ON​

LOANS AND ADVANCES

  1. Statutory, Regulatory restrictions on certain sectors
  2. Priority sectors and MSME
  3. Interest rates on advances
  4. NPA regulations

MODULE-E: FOREIGN CURRENCY OPERATIONS UNDER FEMA AND OTHER​

REGULATIONS

  1. Investment in India and abroad
  2. Guidelines for exports
  3. Guidelines for External commercial borrowings (ECB)
  4. Money changing, Miscellaneous Remittances from India - Facilities for Residents; Remittance Facilities for Non-Resident Indians/ Persons of Indian Origin/ Foreign Nationals; Risk Management and Inter-Bank Dealings
  5. Guidelines for import of goods and services
  6. Deposit accounts for NRIs; Memorandum of Instructions for opening and maintenance of Rupee/ Foreign Currency/ Vostro Accounts of Non-resident & Exchange Houses

MODULE-F: GUIDELINES FOR CUSTOMER SERVICE​

  1. Customer Service Committee of the Board; Role of the Customer Service Committee; Board approved policies on Customer Service, government business, Frauds
  2. Financial Distribution: Insurance, Mutual funds
  3. Alternate delivery channels: credit/ debit cards; smart cards; NEFT; RTGS

19CBCPFinal220207.pdf

Indian Institute of Banking & Finance (IIBF)

Compliance Officer​

A compliance officer ensures that an organisation adheres to regulatory requirements and internal policies. They assess and manage a company’s financial and legal risks by determining potential compliance issues and developing strategies to mitigate them.

'Compliance officer’ and ‘compliance manager’ are often used interchangeably for this role. ‘Chief Compliance Officer’ (CCO) is a senior-level position in the field of compliance. They work in various industries, including finance, healthcare and manufacturing.

The role of compliance officers is crucial for any company to ensure that the business operations are executed within the legal and ethical boundaries set by the government and industry regulations. Compliance officers also conduct audits and risk assessments to identify and alleviate compliance-associated risks. They also investigate and report any violations of laws or regulations to management and regulatory bodies.

Compliance Officer Job Description Template | LinkedIn Talent Solutions

Compliance Officer Job Description

Others​

  • Data Governance
  • GitHub - rkm-ravi94/awesome-it-compliance: This repo contains some details about the IT compliances available.
  • CISA Certification - Certified Information Systems Auditor
  • CISO - Chief Information Security Officer
  • CMMI Level 3 - An appraisal at maturity level 3 indicates an organization is performing at a “defined” level. At this level, processes are well characterized and understood and are described in standards, procedures, tools, and methods.
    • Capability Maturity Model Integration (CMMI) helps organizations streamline process improvement and encourage behaviors that decrease risks in software, product, and service development