Bank of Cyprus Achieves Prestigious ISO 37301 Certification
A Milestone in Compliance Excellence
Exciting Milestone: ISO 37301 Certification Achieved!
Bank of Cyprus Public Company Ltd has successfully achieved ISO 37301 certification for its compliance function. This prestigious certification marks a significant milestone for both the Bank and the Cypriot banking sector.
What is ISO 37301?
ISO 37301 is a comprehensive standard that outlines the requirements and guidelines for establishing a robust compliance management system (CMS). It emphasizes a risk-based approach to compliance, ensuring that organizations effectively identify, assess, manage, and report compliance risks. By adhering to ISO 37301, our Bank demonstrates its unwavering commitment to ethical behaviour, legal compliance, and continuous improvement.
Our Journey to Certification
The certification process was rigorous, involving meticulous reviews of our policies, processes, reports, and monitoring activities. The certification body examined the exchange of information between the Compliance Division, the Board of Directors, Board Committees, and the Regulator. Multiple interviews were conducted with the Compliance Division’s executive team members, including the CEO, the Chairman of the Board, and other Board members. An independent audit by a prestigious advisory firm, confirmed the effectiveness of the compliance processes before the actual certification audit.
Commitment to Continuous Improvement
ISO 37301 is not a one-time certification but a commitment to continuous improvement. By regularly evaluating and updating our compliance management system, we can adapt to evolving regulatory requirements and emerging risks. This proactive approach enables us to stay ahead of potential compliance issues and maintain a high standard of operational excellence.
Building Trust
This certification is not merely an award; it represents an independent and official validation of the effectiveness of the Bank’s compliance function and its adherence to international best practices in compliance management. It reinforces and strengthens the trust between the Bank and its various stakeholders, including clients, investors, and the Regulator.
We are proud of this achievement and remain committed to maintaining the highest standards of compliance and governance.
Policy statement for ISO 37301