ADFIAP, with funding support from the Center for International Private Enterprise (CIPE), and in cooperation with the Association of Development Financing Institutions in the Pacific (ADFIP) held the Seminar on Corporate Governance & Risk Management Compliance Program for Banks on May 19, 2006 in Koror, Palau. The National Development Bank of Palau (NDBP), a member of both ADFIAP and ADFIP, hosted the event in the island country.
This training program is an offshoot of the “Compliance Officership Program” (COP) held on December 12-16, 2005 in Manila, Philippines, which aims to develop a corps of Compliance Officers (COs) in member-banks to institute good governance and anti-corruption initiatives and to set up a Compliance Units (CUs) in their respective institutions. The COP is the 3rd phase of the capacity-building program of the Corporate Governance Project for ADFIAP members.
The Palau program paved the way for the enhancement and strengthening of the function and role of the compliance officers (COs) in development banks and other financial institutions in the country from one of a documentary compliance and public relations to being more proactive in the governance and anti-corruption due diligence policies and practices in their respective organizations.
The event was attended by 18 participants from different financial institutions in the Pacific Islands.