Compliance Officer's Primary Concern
Question
A bank is planning to sell eight branches. The compliance officer participates on a bank committee to oversee the process. What should be the compliance officer's PRIMARY concern?
Answers
Explanations
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A. B. C. D.B
The correct answer to this question is C. That customers of the branches will continue to have access to banking services.
The compliance officer's primary concern should be the impact of the branch sale on the bank's customers. The sale of branches can have significant consequences for customers, including changes to their account numbers, access to ATM machines, and availability of branch services. It is the compliance officer's responsibility to ensure that the bank remains compliant with all relevant regulations and that customers are treated fairly throughout the branch sale process.
While the other answer choices are important, they are not the primary concern of the compliance officer in this situation. Revenue considerations are important, but they should not take precedence over the needs of the bank's customers. Compliance with bank policy is important, but it should not come at the expense of customer service. And while the protection of confidential information is critical, it is not the primary concern in this scenario.
In summary, the compliance officer's primary concern when the bank is planning to sell eight branches should be to ensure that customers of the branches will continue to have access to banking services.
