The crucial. The diligent. The compliance officers. You're more important to your financial institution than ever before!
Compliance officers are the unsung heroes of the banking industry. Guardians of regulations and reputations, you toil away under thousands of pages of rules and regulations. When you do poke your head out, it’s often to deliver bad news, like warnings about a regulatory misstep or potential problems with a new initiative.
We get it. And we know that your role is more important than ever. Read why (and feel free to forward to colleagues who may not appreciate all your hard work!)
Effective compliance management must address the three lines. If one of these components isn’t working properly, it can present risks that reverberate throughout the entire organization.
This includes everyone from the CFO to the product developer to the local bank teller. Employees must have a solid understanding of their roles and responsibilities, as well as the ability to respond to risks they encounter in their daily interactions at work.
Compliance officers provide guidance and oversight in the form of policies and procedures, then proactively monitor to ensure the first line of defense is complying with rules and regulations.
External and internal auditors independently evaluate compliance risks and controls, reporting to the Board and Senior Management.
If you want good governance, policies and procedures need to be center stage. You need to craft focused, precise policies with authority, alignment, and accountability built in.
Good policies can establish essential risk management principles, enabling you to build a culture of compliance at your organization. Are you clear on the difference between policies and procedures? Looking to learn how to craft and manage policy effectively?
When your company has a culture of compliance, everything works together. It’s like a symphony with no wrong notes. You’re able to do your job alongside the team, raising key questions early on. You can take an active role in monitoring and managing compliance risk. Your expertise helps avoid costly errors that drain your financial institution’s time, resources, and reputation
Compliance management is complex, and errors are costly. Make sure you’re taking the steps to avoid common mistakes — and learn from companies that missed the mark.
Non-compliance (including penalties, business disruption, and other impacts) costs 2.71x what it costs to meet or maintain compliance requirements.
What’s the key to streamlined, successful compliance management? A compliance management system that breaks down the silos, easy to use, and customized to your organization’s needs. Through your CMS, your organization can ascertain compliance responsibilities, incorporate them into business policies, ensure employees understand them and carry them out, and take corrective action as needed. Here’s where we can help.