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Fed, Societe Generale reach agreement over compliance risk management program

Société Générale SA and its U.S. unit, Societe Generale - New York Branch, entered into a written agreement with the Federal Reserve Bank of New York to submit a written plan within 60 days to strengthen oversight of the bank's compliance risk management program by its U.S. Risk Committee.

Under the written agreement, Societe Generale will provide for a sustainable governance framework that addresses actions taken by the risk committee to ensure: senior management has effective control over the risk management program; deficiencies are appropriately monitored by senior management and reported to the risk committee; measures are taken to oversee compliance by the bank's U.S. operations and its senior management; and reports regarding the management of compliance risk are regularly reviewed by the risk committee.