An evaluation of compliance management in business banking operations: A case study of Wema Bank, Lagos
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Background of the Study
Compliance management is a cornerstone of modern banking, ensuring that business operations adhere to legal and regulatory requirements. Wema Bank in Lagos has developed a comprehensive compliance management framework to oversee its business banking operations. This framework includes rigorous monitoring, regular audits, and continuous training programs aimed at maintaining adherence to industry standards and regulatory guidelines (Tunde, 2023). Effective compliance management is essential not only for mitigating legal risks but also for safeguarding the bank’s reputation and ensuring operational integrity. In the dynamic business banking environment, where regulatory requirements are constantly evolving, the ability to manage compliance effectively is a critical success factor (Yakubu, 2024).
Wema Bank’s compliance management practices are designed to address both internal and external challenges. Internally, the bank has implemented robust systems for tracking regulatory changes, conducting risk assessments, and enforcing internal controls. Externally, the bank collaborates with regulatory bodies and industry associations to stay abreast of new developments and best practices. These measures contribute to a more secure and stable operational environment, which in turn supports customer trust and business growth (Ibrahim, 2025). However, maintaining compliance in the face of rapid technological change and increasing regulatory complexity remains a challenge. This study aims to evaluate the effectiveness of compliance management practices in Wema Bank’s business banking operations, focusing on the interplay between regulatory adherence, operational efficiency, and risk mitigation.
Statement of the Problem
Although compliance management is fundamental to maintaining operational stability, Wema Bank faces several challenges in ensuring consistent adherence to regulatory standards. A primary issue is the high cost and resource intensity associated with implementing and maintaining up-to-date compliance systems (Tunde, 2023). The rapid evolution of regulatory requirements often necessitates frequent updates to internal policies and systems, which can disrupt daily operations and strain resources. Additionally, discrepancies in the interpretation and application of regulatory guidelines across various business units may lead to inconsistencies in compliance practices (Yakubu, 2024). Such inconsistencies not only expose the bank to potential legal penalties but also undermine stakeholder confidence in the bank’s operational integrity. Moreover, external factors, including economic volatility and emerging cybersecurity threats, further complicate compliance management, creating a challenging environment for sustaining best practices (Ibrahim, 2025). This study seeks to identify the key challenges in Wema Bank’s compliance management framework and propose actionable solutions that enhance adherence while maintaining operational efficiency in business banking.
Objectives of the Study
- To evaluate the effectiveness of compliance management practices in Wema Bank’s business banking operations.
- To identify challenges related to the implementation and maintenance of compliance systems.
- To recommend strategies for enhancing compliance management to improve operational stability.
Research Questions
- How effective are the current compliance management practices in Wema Bank’s business banking operations?
- What are the main challenges in implementing and maintaining compliance systems?
- What strategies can be adopted to enhance compliance management and reduce operational risks?
Research Hypotheses
- H₁: Effective compliance management is positively associated with improved operational stability in business banking.
- H₂: High compliance costs negatively affect the efficiency of business banking operations.
- H₃: Enhanced compliance training and system integration lead to reduced regulatory breaches.
Scope and Limitations of the Study
The study focuses on Wema Bank’s business banking division in Lagos and evaluates compliance management practices over recent operational cycles. Limitations include rapidly changing regulatory environments and potential challenges in accessing comprehensive internal data.
Definitions of Terms
- Compliance Management: The systematic process of ensuring that a company’s operations adhere to legal, regulatory, and internal standards.
- Business Banking Operations: Banking services designed for the financial needs of businesses and corporate clients.
- Regulatory Compliance: Adherence to laws, guidelines, and specifications relevant to business operations.
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