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Credit Institution Legal Risk Management

To ensure effective management of legal risk to the board of directors (supervisory board), sole and Peer executive body, head of branch of credit institution is recommended: < br >

  • establish the procedure for making appropriate changes to the constituent, internal documents of the credit institution in cases of changes in the legislation of the countries;
  • Take timely measures to eliminate violations by the credit institution of the legislation of the country, countries of location of foreign affiliates, subsidiaries and subsidiaries, including by making appropriate amendments and additions to internal documents;
  • Establish the frequency of legal risk reporting;
  • when developing and implementing new technologies and conditions for carrying out banking transactions and other transactions, other financial innovations and technologies, take into account the provisions of the constituent documents of the credit institution, the requirements of the legislation of the country and countries of location of foreign branches of the credit institution, subsidiaries and dependent organizations;
  • Provide effective training and resources for employees;
  • develop a procedure for monitoring compliance of structural subdivisions serving the legislation of the country with the constituent and internal documents of the credit institution;
  • Assess the legal risk in the main areas of activity with frequency and in accordance with the criteria determined by the credit institution;
  • to define the most significant for credit institution (for example, proceeding from the size of possible losses) types or types of transactions and to develop for them standard (standard) forms of contracts;
  • Establish procedures for dealing with non-standard contracts;
  • Assign to the legal risk management unit (employee) the organization of work to minimize legal risk;
  • Control the compliance of the documentation to which banking transactions and other transactions are processed with the laws of the country.