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Last Issue's Dilemma:
Who's minding the compliance store?
I'm worried about the threat of a flu pandemic or similar catastrophe that would leave us drastically understaffed. Some studies say 50 percent of your staff might be out sick — and of course you cannot predict which half. What if an entire branch is out of commission? What if everyone in Compliance can't get to work for a week or two?
How do other financial institutions address staffing problems? Should I schedule "fire drills" of some kind, or cross-train everyone?
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This Issue's Dilemma:
To better set priorities, should we add staff or spread compliance responsibility?
We've focused a lot of attention on Bank Secrecy Act/anti-money laundering compliance, and I think we'd get high marks from examiners in that area. But I worry that we've done so at the expense of some other compliance area that puts our institution at risk. When you can only keep an eye on so many things, how do other compliance officers set priorities?
I'm thinking of adding compliance staff, but I am not sure that is the right solution. Is spreading responsibility to area managers a better approach? What do readers think?
— Anonymous Compliance Officer in Chicago
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Can You Help?
Share your experience. You could win an Apple iPod™. Congratulations to this quarter's winner, Angela School, regulatory compliance officer at Peoples State Bank. |
We were happy to buy this special-edition Red Nano from Apple, because $10 of the purchase price goes to a very worthy cause, the Global Fund to fight AIDS in Africa. If you’d like to help out as well, here's a link to Apple's special promotion.
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