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The Sarbanes-Oxley Burden
How small financial institutions can smooth the rocky road
of Section 404 compliance
by Bill Koch, Editor, The Compliance Advisor
Anyone who has purchased furniture with instructions that state “some assembly required” knows the frustration. You get three-quarters of the way through the assembly, only to discover that you don’t have the right tool to complete the project. If you want to actually use that furniture someday, you have to get creative and find a solution.
Many community financial institutions feel that Sarbanes-Oxley Act (SarbOx) is the wrong tool to fix a legitimate problem. No matter what they think, however, SarbOx is here to stay. Publicly held banks and bank holding companies of all sizes will have to contend with new regulations that can place a huge burden on smaller institutions. [ Read More ... ]
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Community financial institutions and Sarbanes-Oxley
Trey Sullivan |
In the mountain of new regulations that has arisen in the
past few years, few things are as troubling to smaller financial institutions
as Sarbanes-Oxley. The extraordinary cost of compliance — in dollars and hours
— has led some institutions to take drastic measures. This month’s
feature
article shows how community financial institutions are coping. It also provides
insight into some welcome changes that may be coming.
Last month, we asked
how you would deal with being a whistleblower if you suspected internal fraud.
Your
responses detailed some practical steps everyone can take to protect their financial
institution and their reputation. This month, we want to know how you are
changing your process to deal with the recent amendments to RegCC regulations.
We need your best advice.
This month, we’re
interested in knowing if your institution might benefit from an automated wire
tool to make compliance with AML regs easier to manage.
Provide us insights into market needs by taking
our brief Wire Tool product 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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Wire Traffic
Management – Monitoring
Provide your insights and you may win an iPod Nano
Thanks for your help.
Take brief survey
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Complete our 1-minute reader survey and you could win
an Apple iPod. |
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Wire traffic management—fraudulent activity monitoring
How do
you handle wire traffic and monitoring? Please help our product development team
and provide your input in this brief survey. We’ll enter your name in a drawing
to win an iPod Nano. Thanks for your help.
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survey
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Interpreting the BSA/AML Exam Manual for
a Compliant BSA Program
Join us for this complimentary Webinar and learn how the BSA/AML Exam manual can be used as a step-by-step, how-to guide to establish and maintain a compliant BSA program. You will understand how to measure risk across all lines of business by utilizing the manual’s risk matrix and tailor your BSA program accordingly.
Thursday, January 12, 2:00 p.m. EST
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for this complimentary Webinar today. |
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Last Issue's Dilemma:
When fraud hits close to home
Our small community bank
is family owned and has been for over 30 years. We employ a close-knit group of
employees, many of whom have ties to the founding family.
Lately, we've had a rash
of operational issues that appear to me to be the work of an internal
fraudster. I have brought this up several times to our president, along
with some suggestions of procedures we could implement in the affected
areas. He insists that these were just operational errors, not fraud.
He feels our basic
processes are sound and will not let me institute changes to who has access to
information or interviews with employees to discuss some of these
errors. Don't I owe it to our customers and internal auditor to point out
and correct these problems? What are others doing in similar
circumstances?
— Mike Gibson, Compliance Officer
Read the best advice from readers
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This Issue's Dilemma:
Do new regulations always mean new processes?
In mid-November, the Federal Reserve Board amended RegCC to shift liability for unauthorized remotely created checks to the institution where it was first deposited. To reduce fraud, the amendments create transfer and presentment warranties by the presenting bank that warrants that the check is authorized by the person on whose account the check is drawn.
This is a long overdue step for consumers, and I am glad that the Fed stepped up to make the changes. How do we need to change our processes to protect ourselves under these new amendments?
How are other banks changing their processes? This seems like a straight forward change, but is there anything that could come back to bite us?
Thanks for any help you can offer.
— Maria F., 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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