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Evaluation Of The Legal Ethical And Regulatory Framework

3247 Words13 Pages

6 Governance
6.1 Legal, Ethical, and Regulatory

(6.1a) As a financial institution, RBC is subject to various legal, ethical, and regulatory requirements that govern its operations. To ensure that all workforce members comply with these requirements in their activities and transactions with all stakeholders, RBC needs to have a comprehensive approach that includes both proactive and reactive systems, as well as performance measures to evaluate the effectiveness of these systems.
One of the vital proactive approaches is establishing clear policies and procedures that outline the legal, ethical, and regulatory requirements that all employees must follow in their activities and transactions with all stakeholders. These policies and procedures …show more content…

RBC's approach aligns with its Code of Conduct and Leadership model, which encourages employees to report concerns and fosters an environment of openness and transparency, providing direction and guidance on risk management, accountability, and conduct topics. By prioritizing the safety and well-being of employees, RBC has created a culture that values integrity, accountability, and ethical behaviour.
(6.1b) RBC has a systematic and integrated method for monitoring and analyzing regulatory developments through the Regulatory Compliance Management Framework. The critical steps involved in the approach include assessing compliance, creating an action, communicating, and training employees. This approach ensures that RBC complies with regulatory changes while minimizing the risk of non-compliance incidents and shows its commitment to maintaining high compliance standards across all areas of its operations.
Opportunities for …show more content…

Because risk is accepted and accounted for in all aspects of the business, the culture of learning from different outcomes can further shape the necessary modelling to mitigate similar risks; this can be achieved with the stress testing system designed to ensure the company's sustainability. Measuring 'Safe to Speak Up' in the EOS is vital to ensure risks are brought forward promptly, reducing long-term exposure to the

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