Ethical business conduct and compliance with applicable laws and regulations are fundamental aspects of Nordea’s corporate culture. Proper compliance safeguards the conscience and ethics of financial services business. We consider compliance to be not just an obligation for our licence to operate, but as something we want to do to build trust among customers and make society safer.
Operational risk management and compliance form an integral part of Nordea’s daily business. The substantial amount of new directives and regulations aimed at securing banks’ stability and customer protection demonstrate the importance of strong and well-functioning banks to society. In our view, ensuring that we carry out all necessary steps to ensure compliance in every customer interaction is the only possible way to ensure strong relationships.
The Board of Directors of Nordea Bank AB bears the ultimate responsibility for the Group’s compliance with laws and regulations, with the Board Risk Committee overseeing the management and control of these risks. The Committee regularly reviews the bank’s overall risk management approach, including risk profiles, control framework and assessment of material risk issues.
Managers are responsible for day-to-day oversight of compliance risks. Supported by the Group’s Operational Risk and Compliance functions, they identify, assess and mitigate compliance risks. The most significant risks reported from all parts of the Group are consolidated into a Group Risk Map presented to Group Executive Management, the Board Risk Committee and the Board of Directors.