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The Compliance Balancing Act
How busy compliance officers can create an effective compliance program
by Bill Koch, Editor, The Compliance Advisor
The
first time you visit a family-owned, real working farm, it can be an eye-opening
experience. As the family walks you around their domain, you realize what
multitalented and disciplined people they must be to keep their farm running and
profitable. They must be agriculture specialists, veterinarians, mechanics,
accountants, marketers and salespeople. Above all, they know they have to do the
job — or no one else will.
Compliance officers at community banks often find themselves in a similar
position. While compliance is their chief responsibility, they must also juggle
everyday business responsibilities around the bank with their compliance
efforts. [
Read More ... ]
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Building compliance while you build a business
Trey Sullivan |
For most compliance officers, keeping their banks compliant
and safe from fraud is only part of their daily work. Usually, they are also
responsible for conducting part of the bank’s business and helping that
business grow. How can you balance the ever-changing world of compliance with
the competitive struggle of daily business? This month’s feature article
interviews one compliance officer who faces those challenges every day.
Last month, a compliance officer asked if other banks were
taking a different approach to their CRA
programs. Your responses showed that for most banks only minor changes in
emphasis may be necessary. This month, we ask how you deal with email retention
with customers and internally within your bank. Should the hassle of retention
limit your online offerings?
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 and let me know if
the topics being covered are relevant to the issues your institution
faces. Take our brief survey and you’ll be registered for an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at
the bottom of the page.
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New
Information Technology Examination Procedures
The
FDIC has updated its risk-focused information technology (IT) examination
procedures for FDIC-supervised financial institutions.
Read more
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Complete our 1-minute reader survey and you could win
an Apple iPod. |
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Maintaining Your Customer Identity Program in the
Wake of a Disaster
In the aftermath
of the devastation caused by disasters, such as Hurricane Katrina, financial
institutions are faced with questions about how to effectively maintain a
compliant Customer Identity Program (CIP) while serving those in need. This
webinar will provide guidelines on how to work with customers who may not have
the proper documentation required by typical CIPs and help you understand what
flexibility federal regulators will allow during these situations.
Thursday, October 13, 2005
2:00 PM EST
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for this complimentary Webinar today. |
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Last Issue's Dilemma:
New CRA, Old Systems
I’ve been reading a lot lately about the changes in the CRA. I’m glad to
hear that much of the existing regulation would not be changed, especially for
banks our size (under $500 million in assets).
However, I’m concerned that one of the ways it will change is that we’ll
need to spend more time on data reporting and analysis. I’ve had consultants in
here telling me that I need to hire them to help me re-evaluate my program, or
risk increased scrutiny.
Do I need to take a renewed approach to my CRA program, or can I safely
continue on the course we are on? What are other banks our size doing?
— Jeanette Rodrigues, President
Read the best advice from readers
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This Issue's Dilemma:
Struggling with email retention
I'm
overwhelmed. I work for a progressive
community bank that has had on-line banking for several years. We are now using on-line customer service to
aid our Internet customers. We're in a
cosmopolitan, high-tech city, so we have quite a large base of customers that
use our on-line services.
The problem I have
is complying with regulations about email retention. It has been a nightmare to try and maintain
records of every email that passes just between our reps and customers, to say
nothing of the emails between our employees. I also don’t understand how long different types of communications must
be retained because the regulations are so confusing.
Should we reduce the
scope of our online services to just eliminate some of the email
correspondences, making it easier for us to comply with email retention
regulations? Or is there a way to keep offering on-line customer service while
still staying compliant?
— Joyce M., Compliance
Officer, credit union in California
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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