The guiding principles for managing compliance at the BIS are set out in the BIS Compliance Charter.
The Bank's independent compliance function is performed by the Compliance and Operational Risk Unit (CORU). The objective of this function is to provide reasonable assurance that the activities of the Bank and its staff conform to applicable laws and regulations, the BIS Statutes, the Bank's Code of Conduct and other internal rules, policies and relevant standards of sound practice.
The BIS staff Code of Conduct details the following general principles which require that all BIS staff members:
- maintain the highest standards of conduct both at and outside the Bank;
- devote their working activities to the service of the Bank;
- avoid possible conflicts of interest with other activities;
- not accept other functions or employment unless expressly authorised to do so by the Bank; and
- maintain the utmost discretion with regard to confidential information concerning the Bank.
CORU identifies and assesses compliance risks and guides and educates staff on compliance issues.
The Head of the Compliance and Operational Risk Unit reports to the Deputy General Manager and also has a direct reporting line to the Audit Committee, which is an advisory committee to the Board of Directors.