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9 Reasons Why the Best CEOs Will Thank their Compliance Officers (old)

4 min read
Jul 24, 2020

Thanksgiving is a time for practicing gratitude, counting our blessings, and appreciating the people that make our lives special. We'd like to take a moment to acknowledge compliance officers across the country. 

Here are 9 reasons why the best senior managers, Board members, Presidents, and CEOs are thankful for their compliance officers!

Compliance has always been an essential part of any financial institution, helping the company steer clear of regulatory risk. However, compliance has become even more important in recent years. In the last decade, the industry has weathered dramatic changes: a major financial crisis, the passage of Dodd-Frank and the establishment of the CFPB, increasing consumer awareness, rapid changes in consumer behavior, and major regulatory updates such as the HMDA Final Rule.

In this regulatory environment, the role of the compliance conscious at a bank, credit union, mortgage company, or other financial institution is even more important than ever.

At Ncontracts, we know this firsthand because we work with compliance professionals every day, and we see the heart, intelligence, and dedication that you bring to your work.

Here are 9 reasons we're thankful for you - and why the C-suite should be grateful for you, too! Thank you for the wonderful job you do every day.

1. Thank You for Monitoring and Managing Risk.

Thank you for your work on the internal audits, risk assessments, compliance analysis, reports and controls that manage and monitor our risk. This work helps the entire company reduce risk, including senior management and the Board of Directors, and serve our community better. These risk assessments and monitoring are the foundation to our enterprise risk management program.

2. Thank You for Developing and Maintaining Strong Compliance Policies and Procedures.

Today's compliance officer is responsible for creating, maintaining and improving policies and procedures that guide compliance. They serve as a strategic link between the company's vision and day-to-day operations. Thank you for building the strong policies and procedures that provide the right foundation for your financial institution to be successful and compliant.

3. Thank You for Working to Deliver Meaningful Insights and Improvements.

Everything from the risk assessments you coordinate to the data analysis you deliver helps provide meaningful insights about how the financial institution is operating - and how it can improve. Not only are you looking to find and prevent risk exposure, you are identifying potential opportunities. With your insight and expertise, the institution can grow safely and successfully.

fair-lending-compliance-training.jpeg4. Thank You for Managing Compliance Training.

Training is an integral part of the compliance program, as it is one of the best ways to prevent compliance issues. You have strong training policies and procedures that help educate the team, tracking their attendance and comprehension.

History reminds us that training success goes beyond the introductory sessions and includes your periodic reinforcement that reminds the team what is most important.

Related: What Is A Compliance Management System And Why Your FI Needs One

5. Thank You for Staying Aware of Changes to Laws and Regulations.

We've all seen major changes, both in volume of new rules and the regulators' approach, and it takes an active effort to stay afloat in the changing regulatory tides. Over the past year, we've seen Redlining dominate headlines, learned more about the rising cost of compliance, and the new HMDA Plus requirements.

Given the expanded depth and breadth of your role, we realize it is not easy to stay current on industry news, trends and best practices. Thank you for your efforts to do so, and keep the rest of the organization informed, too.

6. Thank You for Coordinating Alignment Between the Board, Leadership and Senior Management Team on Compliance.

Your work getting buy-in from key decision-makers in the organization, both in theory and practice, is very appreciated. Compliance is a team sport. It requires the full support of management and the right "tone from the top," and your work to improve compliance culture is greatly appreciated.

7. Thank You for Being Flexible as the Compliance Role Evolves.

The role of the compliance officer is constantly evolving and growing to meet the needs of the changing banking environment, economic markets and regulations. You are willing to adapt to the changes in your personal role while serving as a positive change agent for the entire financial institution.

8. Thank You for Clearly Communicating What It Means to be Ethical, Legal and Compliant.

You ask the tough questions, monitor the various behaviors and then communicate the results. Not only are you responsible for keeping up-to-date on regulatory guidance, you're responsible for communicating that internally and living your company's values at work. Simply stated, the compliance culture of the organization is directly influenced by your communications.

9. Thank You for Your Day-to-Day Leadership.

Leadership is not always easy, and the compliance officer must be prepared to act with authority and the required courage to take the necessary actions. Your role is rarely about universal popularity. It is about leading the organization to where we need to go to succeed.

Ncontracts Viewpoint: Here at Ncontracts, we have lots to be thankful for. One of the things we're most grateful for is the opportunity to work with our customers and industry partners.

Working with more than a thousand compliance professionals at more than 500 financial institutions, we get to see many of you in action, and observe the positive impact you have on your organizations firsthand.

It's not an easy role, but you approach it with commitment, purpose, and understanding. With your help, financial institutions natiowide are preparing to successfully comply and grow in 2018.

Thank you for ensuring that healthy and successful financial institutions stay that way. We are proud to lend a hand and be a part of your compliance efforts. Our team wishes you and your loved ones the best of the Thanksgiving season.



[Editor's Note: This post has been entirely refreshed and updated for 20178 It was originally published in 2012.] 

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