Regulation and Compliance in Qatar National Bank

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Regulation and Compliance in Qatar National Bank
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The paper focuses on jurisdiction outlined in Law no. 13 of 2012 on financial matters in
Qatar. The whole project analyses how Qatar National Bank conforms to the policies of
regulation and compliance. Therefore, compliance is the process of conforming to a particular set
of established rules and guidelines such as specifications, policies, and standards. Qatar National
Bank has an additional number of projects that have been planned to meet compliance
guidelines.
Why to allocate adequate budget on compliance cost?
The aim is to meet the following aspects;
 First of all, compliance cost will help to fight financial crime.
 Investing in compliance is a right aspect to reduce money laundering.
 Compliance cost will facilitate enforcement measures in the organization.
 Compliance will provide penalties to be incurred when stakeholders interferes with
outlined principles.
Therefore, compliance offers a way out for organizations by enabling them to manage
the overwhelming regulations that come from all corners of the globe.1 Here, there is the
application of an automatic data collection process that looks into and carefully analyze
regulatory policies in an organization. There is also the aspect of content classification and
summarization. This involves sorting out of lengthy procedures and identifying all obligations
that must be attended to. In addition to this, there is task assignment and collaboration. 2This
includes identifying who does what in an organization I relation to compliance issues, the overall
1 Butler, Tom, and Robert Brooks. "On the role of ontology-based RegTech for managing risk
and compliance reporting in the age of regulation (2018): 19-33.

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workflow, and collaboration between different expertise in making sure that compliance is fully
observed in an organization.
The volume of regulatory change, tracking, and implementation is considered as one of
the most significant challenges faced by most compliance officers. In most cases, organizational
change management is defined in four key phases which are; identification, review,
implementation, and validation. Identification is often accompanied by compulsory advocacy
activities that are mostly outside the scope of the regulatory change management team involved.
3This is then followed by a review that entails a preliminary study of the regulatory event
identified therein. Here, the applicability and the potential impact of the regulatory event is
addressed.4 The review often checks in to some of the affected areas and the individuals who will
be responsible for managing the actual change. Implementation is the third phase, and it
provides a precise analysis of the execution of the regulatory management change plan.
Validation is the last phase, and it incorporates all ongoing policies and program maintenance as
2 Cheng, Danny C., and Nathalie Rose Lim-Cheng. "An ontology-based framework to support
multi-standard compliance for an enterprise." pp. 1-6. IEEE, 2017.
3 Elhasnaoui, S., A. Chakir, M. Chergui, H. Medromi, and L. Moussaid. "Communication
System Architecture to Integrate Distributed Systems of an IT GRC Platform Based on Agent
Technology and Web Services." (2017): 86-95.
4 Ghiran, Ana-Maria, Robert Andrei Buchmann, and Cristina-Claudia Osman. "Security
requirements elicitation from engineering governance, risk management and compliance." pp.
283-289 Springer, Cham, 2018.

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a whole.5 This entails establishing a profound and robust regulatory monitoring process. This is
undertaken to identify all potential changes and have them addressed by the assigned individuals
within the timeframe provided. Also, it includes setting up a process to facilitate the handoffs of
vital information that is overseen by a proper audit trail. The volume of activities in regulatory
change management is quite enormous, and this creates challenges for most compliance officers.
Modern trends indicate that the pace, as well as the scope of regulatory change, continues
to be unabated. 6 Limited resources, coupled with the drive to minimize costs within a regulated
business, has also created more challenges to compliance officers in an organization. This is so
because compliance officers are forced to work extra hard to counter the challenges associated
with the whole aspect of following and abiding by the stipulated regulations as per various
provisions of the law. This often makes it almost impossible to have a proper compliance team in
an organization because of limited resources. 7Over the last decades, there have been significant
changes in both regulatory and compliance landscapes, and as such, compliance costs have
increased tremendously. Creating a compliance culture in an organization is one of the ways to
5 Gill et al "Policy/rule engine, multi-compliance framework and risk remediation." U.S. Patent
10,021,138, issued July 10, 2018.
6 Govindji, Shree, Gabrielle Peko, and David Sundaram. "A context adaptive framework for IT
governance, risk, compliance and security." pp. 14-24. Springer, Cham, 2017.
7 Gozman, Daniel, and Wendy Currie. "Managing governance, risk, and compliance for post-
crisis regulatory change: A model of IS capabilities for financial organizations." pp. 4661-4670.
IEEE, 2015.