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The 8 pillars of Scotiabank’s Regulatory Compliance Management program work together as a system for designing, implementing, and maintaining compliance risk controls across the enterprise. In many ways, Scotiabank’s RCM system operates like a sophoisticated manufacturing facility… Consider this assembly plant, where vehicles are designed, assembled, and inspected to assure quality and safety. Like the Global Regulatory Relations pillar, there are teams engaging with external parties, including regulators concerned with the implementation of certain safety and environmental protection standards. The Design & Engineering team produces and implements a design that meets performance requirements and incorporates safety and environmental controls. Similarly, the design and implementation of compliance risk controls in Scotiabank’s RCM program are performed by the Regulatory Obligations pillar. Once compliance risk controls are implemented, residual risks are assessed. This informs targeted Testing and ongoing Monitoring. Non-compliance issues arising are processed by the Issues Management pillar and Reported to Goverance and regulators. Similarly in manufacturing, a series of quality assurance measures are undertaken after products are designed, engineered, and assembled. Performance analyses specify precise product cabailities, such as fuel cell range, as well as expected safety and environmental protection performance in standard operational conditions. These analyses are followed by targeted safety and performance testing. Performance monitoring continues, keeping a close eye on performance over longer durations. If issues are flagged by testing, monitoring, or some other source, they are catalogued and processed. These issues may result in the Design & Engineering team updating performance, safety, or environmental protection controls, or entirely new controls may be implemented. All parts of the process—design, assembly, quality assurance, and change management—report to management, which provides overarching vision, policy, and guidance. Similarly, the Governance pillar of Scotiabank’s RCM program receives regular reports. It sets the enterprise’s risk appetite, metrics, and thresholds, as well as compliance strategy, mandates, operating model, standards, frameworks, policies and procedures, and annual planning. Compliance management at Scotiabank is a team effort. From identifying regulatory obligations, to designing and implementing risk controls, to assessing, managing, and revising those controls, each of us has a role to play in mitigating compliance risk.