Citizens Financial Group, Inc. takes several steps to ensure compliance with financial regulations. Here are some of the key measures they undertake:
- Compliance Policies and Procedures: Citizens Financial Group establishes comprehensive compliance policies and procedures that outline its commitment to compliance with all applicable laws, regulations, and industry standards. These policies cover various areas such as anti-money laundering (AML), fraud prevention, consumer protection, data privacy, and others.
- Compliance Risk Management Program: The company maintains a robust compliance risk management program to identify, assess, and mitigate compliance risks. This includes conducting regular risk assessments and implementing appropriate controls and measures to address identified risks.
- Compliance Monitoring and Testing: Citizens Financial Group conducts ongoing monitoring and testing of its operations to ensure compliance. They employ a combination of automated systems and manual reviews to identify and address any instances of non-compliance. This includes reviewing customer transactions, monitoring employee activities, and conducting periodic audits.
- Regulatory Reporting: The company ensures accurate and timely reporting to regulatory authorities as prescribed by relevant laws and regulations. This includes submitting required reports, filings, and disclosures, such as financial statements, suspicious activity reports, and loan data.
- Training and Education: Citizens Financial Group provides comprehensive training and education programs to its employees to ensure they are aware of their responsibilities and obligations under financial regulations. This includes specific training on topics such as AML, fair lending, information security, and ethical conduct.
- Compliance Officer and Committee: The company appoints a Chief Compliance Officer (CCO) who oversees the compliance function and reports directly to senior management and the board of directors. Additionally, they establish a Compliance Committee that provides oversight, guidance, and support to the compliance program.
- Collaboration with Regulatory Agencies: Citizens Financial Group maintains ongoing communication and collaboration with regulatory agencies at local, state, and federal levels. This allows them to stay up-to-date with changing regulations, seek clarifications, and address any compliance concerns effectively.
- External Audits and Reviews: The company engages external audit firms or consultants periodically to conduct independent assessments of their compliance program and identify areas for improvement. These audits help validate compliance efforts and provide valuable feedback.
Overall, Citizens Financial Group strives to build a strong compliance culture across the organization by integrating compliance into their day-to-day operations, leveraging technology, and fostering a commitment to ethical behavior at all levels.