Compliance

Compliance is integral to the Bank’s ethical, professional and business approach.

The independent EIB Compliance function promotes the highest standards of integrity and ensures that they are applied to all of the Bank’s activities, as outlined in our integrity policy and compliance charter.

As well as combating money laundering and the financing of terrorism, the Compliance function strongly supports a corporate culture based on ethical values and professional conduct.

Roles of the EIB compliance function

The Compliance function is co-responsible for the identification, assessment, monitoring and reporting of non-financial risks. The Bank adheres to the Basel Committee on Banking Supervision’s definition of compliance risk as “risk of legal or regulatory sanctions, material financial loss, or loss to reputation” to which an EIB Group member may be exposed, arising from a failure to comply with applicable laws, rules and regulations.

Compliance activities

Areas of activity within Compliance include:

integrity checks on operations and counterparties
integrity of staff and governing bodies (ethics)
ensuring that procurement selection procedures comply with internal rules.

Organisation

In accordance with the principles laid down by the Basel Committee, Compliance is an independent Directorate under the guidance and responsibility of the EIB's Head of the Office of the Chief Compliance Officer (“OCCO”). The Head of OCCO reports directly to the Group Chief Risk Officer and has direct access to the President and to the Management Committee.

Compliance risk is managed at EIB Group level by:

OCCO, in charge of European Investment Bank compliance
EIF Compliance (COMPL), in charge of European Investment Fund compliance

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