Leveraging Institutional Knowledge to Maximize CMS Efficiency

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Leveraging Institutional Knowledge to Maximize CMS Efficiency

Five Challenges Today’s Compliance Officers Face— and How to Handle Them

Today’s financial institution compliance officers are working in a challenging environment. Faced with a growing regulatory burden and limited resources, they have learned to be nimble and adaptable— their approach constantly evolving with the world of compliance.

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Their knowledge is highly specialized.  Compliance officers understand the unique challenges of their institutions and how compliance plays a role in every major decision. They advocate for rule adherence, but understand that creativity and flexibility are sometimes needed.

Above all, compliance officers are organized. They are well-versed at seeking out information to understand what rules and regulations apply to their institution— and then draft policies and procedures as part of a strong compliance management system (CMS) to keep their institutions safe, sound and compliant. It is a job full of challenges including:

  • Evolving regulatory expectations

  • One-size-fits-all solutions

  • Audit trail documentation

  • Antiquated tools

  • Limited staffing

Let’s take a closer look at the challenges facing today’s compliance officers and how these obstacles can be overcome to make compliance officers and their departments more effective.