Within Swedbank, the Board of Directors bears the overall responsibility for operations being conducted in accordance with current regulations and generally accepted practice. The Board sets basic compliance guidelines through a Compliance Policy.
This explains that the CEO is responsible for establishing procedures to ensure that operations are conducted in accordance with regulations and are appropriately organized in accordance with applicable requirements. In addition, each manager is responsible for ensuring that personnel within his/her area of responsibility are thoroughly familiar with the applicable regulations and that these are followed.
Swedbank maintains a special group compliance function, which is responsible for coordination and reporting on matters of regulatory compliance.
Operational efforts are organized into local functions that both support operations in such a way that they are conducted in accordance with current regulations, and review compliance issues.
Compliance work shall be characterized by a proactive approach whereby the compliance functions, through their local presence, shall help maintain and reinforce the group’s reputation and trustworthiness. Efforts shall also strive to reduce the risk of legal sanctions or loss of reputation due to inadequate adherence to regulations.
The group compliance function reports regularly to the Board of Directors and the CEO. In addition to reporting to their area management, local compliance functions also report to Group Compliance.