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Knowledge Is Power
Creating a training program that reinforces compliance processes
by Bill Koch, Editor, The Compliance Advisor
When you were in grade school, you probably thought your teachers walked into the classroom each morning and made up the day’s lessons as they went along. If you had a particularly tough teacher, you were sure he or she inherently knew how to torture you with pop quizzes and complex projects.
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The heart of your compliance program
Trey Sullivan |
Banks of all sizes must provide comprehensive training for
all employees on compliance procedures. Without this training — and a means to
document this training for auditors — you have no way of knowing if your compliance
program effectively protects your financial institution and your customers.
This month’s feature
article demonstrates how one compliance officer built a training program that
promotes compliance and keeps auditors very happy.
Last month, we asked how you can create a compliance
training program that addresses different job functions in your financial
institution. Your responses
show how to combine technology and standard training methods to reach that
goal. This month, we ask how to establish multifactor authentication for your
financial institution’s online services. How do you select the right vendor if
you don’t have that expertise? We need your best advice.
To keep this newsletter’s material relevant to you, we invite you to become actively involved. 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 reader survey, and you’ll be registered for a chance 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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Complete our 1-minute reader survey and you could win
an Apple iPod™. |
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Meeting Your Multi-Factor Authentication “Risk Assessment” Requirements
This
Webinar focuses on FFIEC guidance for authentication in an Internet banking
environment. With a looming deadline of December 2006, learn how a fundamental
risk assessment can help your financial institution select the right “risk
based” authentication method(s). An important step in preventing identity theft
and fraud, this Webinar focuses on multifactor authentication as it relates to
your products and services, in addition to supporting your overall information
security program.
Date: August 17, 3:00 p.m. EDT
Register for
this complimentary Webinar.
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Last Issue's Dilemma:
How can we make compliance training the same for everyone?
Our
last audit showed that not everyone was receiving the same basic training in
standard compliance measures. So now, we are implementing a comprehensive
compliance training program that everyone in our bank will be required to
complete.
Naturally, everyone at our bank has a slightly different
function. But they should all get the same training on the routine parts of our
compliance processes.
How can we create a training program that doesn’t get in the
way of daily business in our bank and still make sure everyone gets the same
training? But then again, should
everyone really receive the same kind of training?
— Molly K., Compliance Officer
Read the best advice from readers
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This Issue's Dilemma:
How do I incorporate multifactor authentication into our online services?
You can laugh, but we just opened online services for our customers about two years ago. That was enough of an undertaking for our farmers’ credit union, located in a rural area. But now, multifactor authentication is a federal requirement.
This means we have to upgrade our fairly new system to have multifactor authentication. How are we supposed to do that with so little IT knowledge in our community? How have other banks in “the sticks” continued to upgrade their IT systems? How do you find a vendor you can trust?
— Colleen M., 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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