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Mind Your Own Business
Instituting self-assessments to monitor compliance
by Bill Koch, Editor, The Compliance Advisor
As
graduates prepare to leave college for the “real world,” well-meaning
professors and relatives warn them that they are heading for another stage in
their life. They will have to take more responsibility. They will have to
manage work projects of different lengths. No one will hold their hand and make
sure assignments are done on time.
Sounds
daunting, doesn’t it? But not new. They heard the same things before they
entered college and even before they entered high school.
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Self-assessment for stronger compliance
Trey Sullivan |
Benjamin
Franklin famously said, “An ounce of prevention is worth an pound of cure.”
Even though Ben the statesman never had to deal with BSA regulations, his
advice still rings true. Performing a regular self-assessment of your
compliance program can put you in good standing for your next federal exam.
This month’s
feature article
shows you how to set up an action plan to internally audit your compliance
processes.
Last
month, we asked if you are doing additional GLBA training to reflect the
changes in regulations.
Your responses prove that basic training principles are
always best to maintain a strong compliance program. This month, we want to
know if you’ve changed your risk analysis based upon Hurricane Katrina and
other natural disasters in 2005.
Please share your thoughts or request help
from your peers about a particular challenge you face.
To
keep this material relevant to you, we invite you to become actively involved
with this newsletter. Please send ideas for articles you’d like to see and let
us know if the topics being covered are relevant to the issues your institution
faces. Take our brief
survey, and you’ll be registered to win 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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Information Security Review
Financial institutions continue to face
intense scrutiny from federal examiners who are looking for categorized risk
based documentation regarding information security practices.
Information
Security Review Service
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Complete our 1-minute reader survey and you could win
an Apple iPod. |
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Working with MSB Accounts
Money
Service Businesses (MSB) accounts are typically viewed by financial
institutions as extremely high risk accounts. This Webinar will help you
understand the proper way to work with MSB accounts to keep risk and exposure
to fraud at a minimum.
Thursday,
March 23, 2006 2:00 p.m. to 3 p.m. EST
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for this complimentary Webinar today. |
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Last Issue's Dilemma:
How much is enough GLBA training?
Since Gramm-Leach-Bliley went into effect, we have been conducting privacy training annually for our employees. This is in addition to all the other compliance training that we do
on a regular basis.
I've heard that examiners may look for more frequent training on this act. I’d like to know what other banks are doing. Are you keeping the amount of GLBA training the same? Or are you doing additional GLBA training?
If you’re doing additional training, what is the focus of that training?
Thanks!
— Jennifer C., Compliance Officer
Read the best advice from
readers
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This Issue's Dilemma:
How are banks updating
their disaster recovery plans?
Even
though we live hundreds of miles away from the Gulf Coast, Hurricane Katrina has
us thinking. We may not get hit by a hurricane, but a tornado or a flood could
devastate our bank.
Selfishly,
we don’t want our bank to be closed for even a day, much less a week.
Beyond
concerns about our business, we want to make sure our customers’ data is
protected even if our physical bank building is somehow harmed.
Have
other banks recently changed their risk analysis for business continuity?
How
have they used this new information to update or maintain their continuity and
recovery plans?
— Laurie K., Compliance Officer, Pine County Community Credit Union
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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Copyright © 2006 InternetVIZ. All rights reserved.
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