The Impact of ESG on Retail Banking Compliance Advisory
As sustainability-related regulatory policies continue to evolve, retail banking compliance advisory position need to ensure that bank operations meet these regulatory policy changes. Retail banking compliance advisory needs to understand how these emerging policies, frameworks and procedures affect bank operations and incorporate these changes into the central compliance framework.
Retail banking compliance advisory also need to communicate changes in sustainability policies and compliance procedures to various business units to help them meet the ever-changing compliance requirements in their work. In order to fulfill these responsibilities, this position needs to expand their knowledge, keep abreast of sustainability regulations and standards, and provide compliance support within the bank.
Related Post: ESG Job Introduction: Retail Banking Risk Strategy
How to Apply ESG in Retail Banking Compliance Advisory
Retail banking compliance advisory position may apply ESG in the following tasks:
| Key Points | Tasks |
| Guide the implementation of compliance controls and remediation activities | 1. Understand the changes in compliance indicators and controls resulting from sustainable regulatory policies and standards, and develop measures to adapt to these changes |
| Maintain central compliance frameworks | 1. Identify and promptly understand regulatory policy changes and analyze how these changes affect the bank’s existing policies 2. Develop sustainability-related policies and standards within the bank to ensure that the bank’s central compliance framework is in line with the industry’s sustainable development trends |
| Promote compliance literacy and culture of compliance awareness | 1. Document the appropriate resources needed for sustainability-related compliance controls and develop relevant materials, such as internal reporting mechanisms for sustainability key performance indicators (KPIs) |
| Provide internal advisory and regulatory reporting support | 1. Keep abreast of industry regulatory reporting standards to reflect emerging sustainable policies, procedural frameworks and regulations, and ensure that the bank’s compliance activities meet requirements 2. Communicate regulatory changes within the bank to ensure that business units work in accordance with new sustainable requirements and standards |
Retail banking compliance advisory position will need to apply sustainability reporting, sustainability risk management related skills.
Reference:
Monetary Authority of Singapore
Institute of Banking and Finance Singapore
