Internal Controls Framework

Internal Audit Function

Ziraat Bank Greece systematically monitors the adequacy and effectiveness of the existing Internal Audit System (IAS) and implements immediately any actions required for the remediation and mitigation of Operating Risk. At the same time the Bank controls the consistent application of the IAS in the Units, as well as the full compliance with the principles and objectives of the IAS.

A fundamental concern for Ziraat Bank Greece is that it develops and improves the Internal Audit System, which constitutes a totality of detailed audit mechanisms and processes which track continuously every activity and transaction of the Bank, contributing to its effective and safe operation as well as the continuous mitigation of operating risk. 

Ziraat Bank Greece has established an Internal Audit System to safeguard its assets, its clients' assets and the interests of its shareholders. The members of the Board of Directors have the ultimate responsibility for maintaining the Internal Audit System and for monitoring and evaluating its adequacy and effective implementation as well as the constant risk mitigation. The Internal Audit System is designed to address effectively the risks to the Bank, not to eliminate them. Under the current institutional framework, the Bank's Internal Audit System is supported by an integrated communications and Management Information System (MIS), forming an integrated system for controlling and auditing both the Bank's organizational structure and activities and also the Procedures. 


Risk Management Function

T.C. Ziraat Bankasi A.S. in Greece is committed in achieving a robust control environment and a distinctive risk management capability that enables business units to meet their performance objectives and to achieve continuous improvement in the area of risk management. The Bank undertakes regular risk assessments for the different risk types and particularly as part of the strategic planning process. 

The performance of the Bank is closely linked to and is primarily driven by the outlook and current Greek and global macro-economic conditions. Accordingly, the risk strategy is considered conservative to the degree that the balance of risk and return is maintained at all times and Bank’s value is protected throughout the economic cycle. 

Effective risk management maximizes the opportunities for the Bank in the markets it operates and enhances its competitive position by building trust. Integrating sound risk management practices into the daily management of business and strategic planning gives the Bank a strategic competitive advantage.


Regulatory Compliance Function

Regulatory Compliance operates independently of the business units and ensures that Ziraat Bank Athens Central Branch and all its Greek branches comply with the applicable regulatory framework especially in the below fields:

  • Combating money laundering, tax evasion, economic sanctions and terrorist financing 
  • Protection of personal data and banking secrecy
  • Consumer Protection and Transparency
  • Regulatory Authorities

The Bank is supervised by Bank of Greece under the regulatory framework of a Foreign Branch of a Bank outside the European Union. The official internet site of the regulator is www.bankofgreece.gr 

The supervisory authorities for non-banking activities vary according to subject. Financial, taxation and accounting activities are supervised by the Ministry of Finance and the relevant local tax office. Application of data protection regulations is subject to supervision for the Data Protection Authority and at  www.dpa.gr