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The End of Fear
Armed with the facts, you can
stop worrying about BSA compliance
by Bill Koch, Editor, Compliance Advisor
Nothing is scarier than the unknown: Your first day in a new school. The first bike ride without the training wheels. A blind date where you are undeniably out of your league. When you don’t know what you don’t know, fear is sometimes the only thing that fills the void. [ Read More ... ]
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Combating the fear of exams
Trey Sullivan |
The fear of the unknown can be paralyzing. Compliance officers have felt this fear recently as federal regulations seem to change by the day. Without clear guidelines, many institutions wonder just what the feds want in reporting and what they might face during a visit from regulators. This month’s feature article moves beyond the gossip to present clear facts and first-hand experience to prepare you for your compliance exam.
Last month, we asked if it is worth the short-term risk to train a promising employee to become a compliance advisor. This month we ask which area should be the focus of your exam prep—risk factors or documentation? We need your best advice.
To keep this material relevant to you, I invite you to become actively involved with this newsletter. Please send ideas for articles you’d like to see. Let me know how successful we are at topics that are relevant to you—and your career. Take our 1-minute reader survey, and you could win an iPod. Real experience “from-the-field” helps everyone succeed.
If you would like to unsubscribe, please click on the link at bottom of newsletter.
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Complete our 1-minute reader survey and you could win
an Apple iPod. |
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Complimentary White Paper |
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New! FinCEN white paper available now.
Do
you have the policies and processes in place to handle FinCEN requests
confidently? Attus Technologies has created A Step by Step Guide to FinCEN Compliance.
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to
immediately download this informative paper now. |
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Last Issue's Dilemma:
Climbing the learning curve
We currently
do not have an internal compliance officer. In the past, we used an outside
consultant. However, our immediate OCC exam has shown that the consulting firm
may not have done all that was needed to comply with BSA and Flood
determination.
We have an
employee who has been with our bank less than one year, but has the potential
to be an outstanding compliance officer. The downside is the substantial
learning curve in training someone to be a compliance officer.
Is it worth
taking the time—and risking non-compliance—to train someone who shows such
potential? How can we close the compliance gaps that might affect our
institution while this person is trained appropriately? Should we simply stick
with the relative safety of an outside consulting firm that already has the
knowledge?
—Diane G.,
Vice President of a community bank
Read the best advice from readers
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This Issue's Dilemma:
Finding focus before
your audit
I have friends who work at two separate banks who have
recently been audited. One of them said the results of his audit were
based on more subjective interpretation by the examiner than in the past. His
auditor spent a lot of time on policies and his institution’s "risk
factors."
My other friend said the subjective part isn't something to
worry about. He said his examiner focused on documentation and
processes.
I know I have to cover all the bases, but should I be focusing
more in one area than another in order to prepare properly?
—Simon J., Compliance Officer
Can You Help?
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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