To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is still necessary for the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.
Once a particular business line has identified and assessed its compliance risks, it can design policies, detailed day-to-day procedures and processes, and associated risk-mitigating internal controls. The corporate compliance function plays an important role in advising business line managers as they assess risk. Such counsel adds to consistency in approach and helps control for mis-estimated risk.