An assessment of regulatory framework updates on banking compliance: a case study of First Bank of Nigeria
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Background of the Study
Regulatory frameworks are fundamental to the stability and integrity of the banking sector. First Bank of Nigeria has continuously updated its internal policies to align with evolving regulatory requirements. Recent updates have been prompted by global best practices and domestic regulatory reforms aimed at improving transparency, reducing systemic risk, and safeguarding customer interests (Chinwe, 2023). The bank’s compliance strategy involves integrating new regulations into its operational processes, enhancing internal controls, and investing in advanced compliance technologies. These updates are designed to ensure that the bank adheres to legal standards while minimizing operational disruptions. The theoretical foundation of this study is based on governance and regulatory compliance theories, which assert that robust compliance systems not only protect against legal penalties but also contribute to better overall corporate governance (Adebola, 2024). First Bank of Nigeria’s approach includes regular staff training, periodic internal audits, and the adoption of digital compliance monitoring tools. Empirical evidence indicates that banks that proactively update their regulatory frameworks tend to experience improved operational efficiency and enhanced stakeholder trust. However, the rapid pace of regulatory changes can also impose significant operational burdens, potentially increasing costs and affecting profitability. This study aims to evaluate how these regulatory updates impact banking compliance and overall performance at First Bank of Nigeria (Okeke, 2025).
Statement of the Problem
Despite proactive updates to its regulatory framework, First Bank of Nigeria continues to face challenges in achieving uniform compliance across all operational units. Frequent changes in regulations often result in delays in policy implementation and inconsistencies in internal processes (Ike, 2023). Such discrepancies expose the bank to operational risks and potential legal sanctions. Moreover, the integration of new regulatory standards with legacy systems sometimes creates bottlenecks that impede efficient compliance monitoring. Variability in staff understanding and adherence to updated protocols further exacerbates these issues. As a result, the bank struggles to maintain a cohesive compliance culture, which can undermine its overall governance effectiveness and reputation. The gap between regulatory intentions and practical implementation necessitates a comprehensive investigation into the factors hindering effective compliance. This study seeks to identify these challenges and propose strategies that can enhance regulatory adherence, thereby improving both operational efficiency and corporate governance at First Bank of Nigeria (Emeka, 2024).
Objectives of the Study
• Evaluate the impact of recent regulatory framework updates on compliance at First Bank of Nigeria.
• Identify challenges in the implementation and integration of new regulatory standards.
• Recommend strategies to enhance uniform compliance and improve governance.
Research Questions
• How do regulatory framework updates affect compliance within First Bank of Nigeria?
• What challenges hinder the effective integration of new regulatory standards?
• How can compliance practices be optimized to strengthen bank governance?
Research Hypotheses
• Updated regulatory frameworks are positively correlated with improved compliance levels.
• Integration challenges between new regulations and legacy systems hinder effective compliance.
• Enhanced training and technology adoption improve overall compliance and governance.
Scope and Limitations of the Study
This study focuses on compliance updates at First Bank of Nigeria over the past three years. Limitations include restricted access to internal compliance records and the influence of external economic factors on operational processes.
Definitions of Terms
• Regulatory Framework Updates: Revisions to the rules and guidelines that govern banking operations.
• Banking Compliance: Adherence to legal and regulatory standards within financial institutions.
• Corporate Governance: The system of rules and practices by which a bank is directed and controlled.
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