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* Minimizing reputational risk

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Minimizing reputational risk

In order to ensure maintaining the risk of loss of business reputation at an acceptable level, it is recommended that the credit institution provide in internal documents:

  • accountability and responsibility of managers and employees, procedure for making decisions on conducting banking transactions and other transactions in accordance with the powers provided by the constituent and internal documents of the credit institution;
  • procedure for control over fulfillment of obligations of the credit institution under concluded contracts and fulfillment of obligations of counterparties to the credit institution;
  • the procedure for exercising internal control in the conduct of banking transactions and other transactions taking into account the nature and scope of activities, including those related to combating the legalization (laundering) of proceeds of crime and the financing of terrorism;
  • Procedures for minimizing risk in the areas of activity of the credit institution, as well as in individual banking transactions and other transactions with an increased degree of risk, including in the conduct of remote banking services, including Internet banking;
  • the procedure for carrying out banking transactions and other transactions, which excludes (minimizes) the possibility of the occurrence of reputational risk factors;
  • order of stimulation of employees;
  • compliance with the principles of professional ethics;
  • How to minimize your reputation risk
  • procedure for making decisions on participation of a credit institution in investment, credit and other projects taking into account the business reputation of counterparties.

In order to minimize the risk of loss of reputation according to the nature and scope of the credit institution 's activities, the following main approaches can be used:

  • Continuous monitoring of compliance with national legislation, including legislation on bank secrecy and the organization of internal controls to counter the legalization (laundering) of proceeds of crime and the financing of terrorism;
  • ensure timely settlements on behalf of clients and counterparties, payment of deposits, interest on accounts (deposits), as well as settlements on other transactions;
  • Monitoring the business reputation of founders (members), affiliates, subsidiaries and affiliates;
  • control over the accuracy of accounting statements and other published information submitted to founders (participants), clients and counterparties, regulatory and supervisory bodies and other interested persons, including for advertising purposes;
  • The development of a system of information support that prevents the use of information available to the credit institution by persons with access to such information for the personal benefit and providing the authorities and employees with information about negative and positive feedback and reports about the credit institution from the mass media (periodicals, radio, television, other forms of periodic dissemination of mass media, including the Internet), other sources; Timely review, analysis of completeness, reliability and objectivity of the specified information; Timely response to available information;
  • Determine the procedure for applying disciplinary measures to employees guilty of increasing the risk of loss of reputation of a credit institution.