The Internal Control and Compliance directorate is a second level control function that contributes to mitigating risk in NFC Bank. This directorate is headed by Mme Nsongka Sophie who is a holder of an MBA in Finance with CAMS, AICA and ACCPA certifications.
Internal Control and Compliance puts in place strategies and actions to ensure compliance to bank policies, procedures and regulatory requirements and mitigate compliance risk.
In this video, you will have a general understanding of the key roles of the Internal Control and Compliance directorate and its importance to NFC Bank.
In NFC Bank, the Internal Control and Compliance directorate has two departments – Internal Control and Compliance.
Internal Control is a risk function that protects the bank from reputational damage, financial loss and litigations while ensuring efficiency, value for money, reliable financial reporting with a positive impact on customer experience and the bank’s P & L. This is achieved by ensuring that employees adhere to policies and procedures.
The Compliance function ensures that the bank complies with regulatory requirements that have been put in place by regulators. Be it regulations, laws, instructions, decisions or circulars. In Cameroon and in the CEMAC (Central African Economic and Monetary Community) sub – region banks are called upon to respect regulatory requirements to safeguard the economy, protect consumers and stabilize the financial system and NFC bank is not an exception.
At the end of this video, you will be able to explain the key roles of the Internal Control and Compliance directorate.