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• W291836812 abstract "If something as intricate and demanding as compliance can be summed up in few words, they might be, urgent than ever. New regulations have come fast and furious in recent years--think Sarbanes-Oxley and the Patriot Act as notable examples. Likewise, new risk management and operating requirements are forcing institutions to rethink their approach to monitoring, reporting, and disclosure. When it comes to supplying regulators with key information--say evidence lodged away in gigabytes of e-mails--a bank may have 72 hours, not 72 days, to respond. So there is also the need to move fast when situation strikes, whether it's bank examiner, of member of your board, of Eliot Spitzer who wants to know. Turning over information is one thing, but being ready to meet all compliance obligations is definitely the grander, indeed some would say, all-encompassing challenge. In general, the me, don't tell me rule is evident when it comes to demonstrating preparedness any given regulation. That's why, more than ever, the biggest banks are relying automation that supplies meta-data about their compliance status. Think of it as fortified tickler application, of stickies steroids. Getting centralized to show, not tell Sure, plenty of institutions still do their reporting and tracking by primitive means, according to the words of one consultant background. Executives schooled in traditional ways work with spread sheets and engage in a lot of cut-and-paste and e-mail in an effort to offer the necessary management, board, and line of business personnel broad view about what's really happening inside their organization (or where the threats are lurking). Yet, more bankers are turning to vendors and consultants to build an infrastructure to automate and better orchestrate this process. Moreover, bankers are beginning to do this, even as they seek to centralize many compliance functions, recognizing it as full-time job requiring day-to-day intervention. (The compliance team, by the way, has the not small responsibility of communicating regularly to senior management and rallying the troops into action to make sure critical requirements are being met.) With more third-parties involved in all facets of banking operations--both the lending and deposit side--regulators are saying it's not enough to show them an audit form with items checked off, says David Jaede, director of risk assurance service, upper Midwest economic unit with RSM McGladrey & Pullen, Bloomington, Minn. They want to see that you know whether something is sound. largely the case of regulators catching up with the reality of how banks function today, he adds. You've also got more distributed risk environment making regulators more demanding, more into requiring demonstration of bank's preparedness in given area, Jaede explains. There's also an effort to come up with living picture of risk and to be very detailed about and 'connected' to the status and progress of situation any given day, Jaede says. It's very different mindset from when it was assumed that bankers did all facets of processing or application development themselves and it was assumed they had ultimate control, he notes. The current environment has created very different mindset and encouraged different behavior than the cramming model of preparation for examiners that used to be more typical at more than few banks, according to knowledgeable compliance sources who spoke back ground with ABABJ. not enough to gel ready for an examination, they say, as if that were the main event. The bigger point is, you have to be on all the time. In his work with clients that are sorting through risk assessment and other compliance matters, Jaede has seen centralization in large organizations and he's also seen some changes in the reporting structure. …" @default.
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• W291836812 date "2004-06-01" @default.
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• W291836812 title "Getting a Window on Compliance: New Tools Can Help Compliance Officers Get Their Workflows and Must-Do's Organized" @default.
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