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Last Issue's Dilemma:
How do I create a culture of compliance across branches?
Overall, I think our bank — across seven branches — does a reasonable job staying compliant. Our audits and federal exams usually reveal some things we could do better but divulge no glaring errors.
Our bank has plans for another three branches. Two of those branches will be over 100 miles away, so I won’t be able to check on them in person on a regular basis. I’ll have to depend on other compliance officers.
As other banks expand, I have observed organizations that silo critical compliance information rather than share it with all levels of the bank. This can handicap an organization’s ability to identify systemic risks.
How do I open up channels of communication across geographically distant branches? How do I create an inclusive culture of compliance?
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This Issue's Dilemma:
What do you consider to be your financial institution’s most common BSA violations, and how do you avoid them?
I’ve got a new hat. I’m now the compliance officer for our institution and am seeking advice regarding how to best handle these duties along with my “regular” job. I know there are “common” Bank Secrecy Act (BSA) violations that many financial institutions commit. I’d like to start with the most common. What violations in your institution cause you the most grief?
— Rich W., Compliance Officer
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