Compliance

Compliance is an independent unit which reports directly to the CEO and works in accordance with a special charter from the Board. The Compliance Officer is Hákon Már Pétursson.

The role of Compliance is to apply effective precautionary measures to ensure that Arion Bank complies at all times with the law, regulations and good business practices, and to foster an affirmative corporate culture in this respect.

• Compliance provides a comprehensive overview of the current legal requirements and responsibilities and encourages employees to know and understand their duties and to ensure that they receive the appropriate instruction, advice and information on the requirements made at any given time.
  
  
• Compliance endeavours to ensure that internal control is effective and that any abnormalities are dealt with.
  
  
• Compliance tries to ensure that the Bank’s services are not misused and that the Bank knows its counterparties, the nature of all business relationships and its duties in this regard.
  
  
• Compliance advocates transparency and makes sure that reporting to customers, investors and the authorities is of the requisite standard.
  
  
• Compliance encourages the responsible handling of confidential information.

The Security Officer is part of Compliance and works independently for the Bank's security committee. The role of the Security Officer is to ensure that the Bank meets all requirements on security of information, data, financial assets and other valuables. The Bank’s Security Officer is Thórr Tjörvi Einarsson.