The Basel Committee has published a survey looking at implementation of compliance principles. The report brings together the results of a 2007 survey in which 21 jurisdictions participated. It found:

  • in most jurisdictions, banks manage and supervise the compliance function as an important risk management control function;
  • the high level principles in the Basel Committee's 2005 paper on "Compliance and the compliance function in banks" are still relevant;
  • only one respondent had no formal compliance requirement and most respondents had requirements that follow the paper; and
  • nearly all respondents impose compliance requirements on senior management and often also promote independence of the compliance function