Compliance & Operational Risk (COR)

The remit of Compliance & Operational Risk (COR) includes the assessment of compliance risk and operational risk within EIF. The Head of COR is also responsible for data protection within EIF.

Compliance
The role of COR, includes:

the assessment of compliance risk for EIF as an institution
the production of an independent compliance opinion covering e.g. anti-money laundering, 'know your customer' and tax transparency issues for each transaction submitted to the EIF Board of Directors
the monitoring of the investment policies and restrictions for each mandate
the assessment of professional conduct issues.

The revised governance structure of the EIF, implemented in 2008, strengthened the independent position of COR. The financial year 2009 saw a further enhancement of the organisational and procedural framework of COR. As part of its remit to assess public procurement matters, COR is actively involved in the concept and implementation of various calls for expression of interest, ensuring a fair and consistent approach. Finally, COR strengthens the awareness of EIF Staff on compliance-related matters through the organisation of an increased number of training sessions.

Operational risk
COR was reinforced in 2009 by the recruitment of a senior Operational Risk Officer. This ensures consistent data collection and analysis of operational risk events. Most importantly, a methodology has been developed for the implementation of a comprehensive and integrated
operational risk management framework to support the identification, assessment, monitoring and mitigation of operational risk within the organisation.

Data protection
In 2009, the inventory of databases at EIF was drawn up and implementing rules were proposed to EIF management on the basis of Regulation (EC) 45/2001 of the European Parliament and the Council on the protection of individuals with regard to the processing of personal data by Community institutions and bodies and on the free movement of such data.

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Compliance & Operational Risk (COR)