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• W364361808 abstract "[ILLUSTRATION OMITTED] No risk facing U.S. banks today is more significant than regulatory compliance. A long list of reasons has given many CEOs sleepless nights. Reasons include: a multiplicity of regulators; the fluid state of guidance and interpretations; the risk that innovation will run afoul of subjective laws like UDAAP (unfair, deceptive, and abusive acts and practices); and sheer cost. There is no reason to expect that regulatory compliance risk will lessen anytime soon. Several major Dodd-Frank regulations have yet to be written or fully implemented. The Consumer Financial Protection Bureau is expected to write rules on overdraft protection, prepaid cards, debt collection, and small business loan data collection requirements. Why then, with such heightened risk, do chief compliance officers (CCOs) struggle for an equal place at the senior executive leadership table? The more interesting question is: How do they get there? Change begins in the corner office CEOs need the counsel of their CCOs--seen as trusted advisors--now more than ever. But it's hard to break from historical precedent. Compliance has typically not been seen as an executive position. Yet the risk involved in committing regulatory violations poses enormous barriers. Major errors can shut down any acquisition or merger and subject the bank to income-crippling penalties. Staff structure must change in order for banks to survive and thrive in such a perilous world. Every CEO should reevaluate the CCO position and ensure that not only is the compliance chief given an appropriately senior position, but, more importantly, has the ear of the executive team. For compliance professionals to be active players in executive leadership, both executive managers and the CCO must make some adjustments. Executive management's role Executive management--in a community bank, the CEO--must make sure it is doing the following: 1. Recognize the value of the regulatory compliance effort. It is vital for the voice of the compliance leader to be heard by the senior executive team. However, if the attitude at the top is still old school--Regulatory compliance is foisted upon us by a clueless government--this view will pervade the bank. And that means the compliance team will not have a strong voice. While this hurts the compliance professionals within the bank, the lack of a strong compliance voice will eventually damage the bank more. Managing compliance is not easy. It takes intelligence and fortitude to digest and comprehend thousands of pages of regulations. Regulations must be implemented into hundreds of bank processes and procedures. The job is exponentially harder when there is an attitude of disrespect. Executive management, primarily the CEO, must make sure there is a culture of respect for regulatory compliance and that the contributions of compliance professionals are valued. 2. Respect the CCO's advice by giving it due consideration--even if you have to swallow hard. In many cases, the CCO must provide unpopular advice to the executive team. That's just the way it is. Most CCOs try to be helpful and as accommodating as they can within the bounds of what regulators allow. In spite of this, many creative bankers will have ideas that cannot be executed within those regulatory boundaries. This can be frustrating, but it is important to listen to the compliance concerns and give them appropriate consideration when making decisions that could ultimately hurt the bank's reputation or the bottom line. 3. Keep the CCO in the loop on all major strategic decisions. The CCO should be included in such discussions so that she can weigh in on important matters. Good CCOs have their ears to the regulatory ground and may know of emerging issues that other team members do not. Having compliance leadership involved in strategic decisions from the very beginning will save the bank time and money if there are latent regulatory issues that will affect the proposed actions in the long run. …" @default.
• W364361808 created "2016-06-24" @default.
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• W364361808 date "2014-10-01" @default.
• W364361808 modified "2023-09-28" @default.
• W364361808 title "How Do You Earn a Place at the Table? You Have to Join the Team While Helping the Bank Play by the Rules" @default.
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