What Regulators Want
What, exactly, will examiners look for in your compliance exam? L. Ray Jackson laid it out at ABA's National Regulatory Conference. A compliance management system should have three areas: board and management oversight with clear expectations for compliance; a compliance program, and compliance audit. The program should include written policies. The complexity of policies should reflect the complexity of the institution. The program should also include training for all staff - including the compliance officer. Examiners will also look for responses to consumer complaints. Finally, there should be an independent audit of the program with results reported directly to the Board.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 7, 7/04
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