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#1568726 - 06/23/11 03:16 PM
Who does compliance report to?
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100 Club
Joined: Mar 2008
Posts: 121
Georgia
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Our bank is in the process of restructuring certain reporting lines. Could anyone please share who your compliance officer and staff reports to?
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#1568755 - 06/23/11 03:36 PM
Re: Who does compliance report to?
c@c
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Power Poster
Joined: Apr 2005
Posts: 3,663
TN
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I'm the BSA Officer and the CO. I report to the President.
In a past life, when doing only compliance, I reported to the Senior Credit Officer. IMO, this is a huge conflict of interest.
_________________________
I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.
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#1568763 - 06/23/11 03:52 PM
Re: Who does compliance report to?
c@c
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Platinum Poster
Joined: Jan 2011
Posts: 763
Top of the world... and never ...
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Generally in my experience, Compliance should report to either a) Chief Risk (Management) Officer or b) President/CEO... They should also always have an additional line reporting directly to the Board of Directors.
Compliance is an officer position and as such (even without titles like VP, EVP, or SVP) should have direct reporting lines to the highest level of management or at least an appropriately titled and trained C-suite executive who's primary function is the protection of the bank (hence the CRO)... if the CRO has the reporting responsiblity of compliance issues above the CEO and directly to the board.
Otherwise the CEO and the Board is who the Compliance Officer should report to.
Cheers!
_________________________
In life, there is a lot less that could get better and a lot more that could get worse.
MBA Fin/MBS HR
My views only!
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#1568984 - 06/23/11 06:33 PM
Re: Who does compliance report to?
renniks
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Diamond Poster
Joined: Feb 2008
Posts: 2,207
Deleted
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I am the CO and I report to the bank President.
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We're all here 'cause we've lost control.
Innerpartysystem
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#1569055 - 06/23/11 07:23 PM
Re: Who does compliance report to?
manimal
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Member
Joined: Mar 2011
Posts: 78
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I am the Audit and Compliance Officer...I report to the CFO dotted line and the Board of Directors solid line.
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#1569176 - 06/23/11 08:45 PM
Re: Who does compliance report to?
Christine81
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Power Poster
Joined: Jul 2006
Posts: 4,444
New York City
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I'm the BSA/CRA Officer and I report directly to the CO, who in turn reports to the President. I also have direct access to the Board.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu
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#1569194 - 06/23/11 08:58 PM
Re: Who does compliance report to?
ACBbank
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10K Club
Joined: Sep 2002
Posts: 13,965
TN
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I have worked in 4 different banks as a CO and have reported to:
The Internal Auditor The CFO The COO
However, in all cases this was for daily routines and administrative. Technically I always reported to the Audit Committee.
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My Opinions Only
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#1569254 - 06/23/11 09:53 PM
Re: Who does compliance report to?
Skittles
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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Compliance and BSA Officer... report to the EVP/CFO for day to day items, but ultimately to the Board.
_________________________
I don't repeat gossip, so listen closely...
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#1569443 - 06/24/11 02:07 PM
Re: Who does compliance report to?
#Just Jay
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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CRA/Compliance: CEO
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Get your facts first, then you can distort them as you please. - Mark Twain
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#1569920 - 06/24/11 08:34 PM
Re: Who does compliance report to?
fun grandma
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Gold Star
Joined: Feb 2008
Posts: 290
Mayhem
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Compliance/BSA - CFO and President with direct access to th Board
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CRCM, CAMS
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#1570159 - 06/27/11 01:47 PM
Re: Who does compliance report to?
Bullseye
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Platinum Poster
Joined: Jun 2002
Posts: 771
South
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Our CO reports to the Chief Risk Officer (CRO) who heads up the Risk Mgmt Division. Under Risk Mgmt are the following depts - Internal Audit, BSA, Compliance, Operational Risk, Loan Processing and the Chief Credit Officer who oversees the following functions -Loan Review, Special Assets, Credit Risk Mgmt, Credit Analysts and Business/Consumer Lending Services (underwriting).
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CAMS
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#1570225 - 06/27/11 02:33 PM
Re: Who does compliance report to?
AnnRoy
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New Poster
Joined: Nov 2008
Posts: 3
KY
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I report to the BOD. The BOD does my annual reviews.
_________________________
Tiffany Perry
~ I'm too blessed to be stressed ~
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#1570821 - 06/28/11 06:39 PM
Re: Who does compliance report to?
renniks
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100 Club
Joined: Aug 2010
Posts: 214
Land of Pears
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I am Compliance and BSA Officer. I report to the CEO (dotted line) and to the Audit Committee of the Board (solid line). Same for me.
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CRCM, CAMS - Be Grateful!!
FKA Jenabq
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#1575965 - 07/09/11 07:17 PM
Re: Who does compliance report to?
Y'all Comply
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Power Poster
Joined: Jul 2003
Posts: 2,675
Austin Texas
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Compliance and OFAC - report to COO.
_________________________
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.
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#1585657 - 07/31/11 06:33 PM
Re: Who does compliance report to?
AnnRoy
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New Poster
Joined: Apr 2008
Posts: 1
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AnnRoy, I am wondering who your CRO reports to? Also, when you mention Loan Processing, is under CCO, does that include the document processing or just the underwriting, analysis, review components?
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#1588909 - 08/08/11 04:00 PM
Re: Who does compliance report to?
becky p
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Diamond Poster
Joined: Mar 2007
Posts: 2,108
gone fishin'
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BSA/CRA/SOX, Internal Audit, & Compliance report to CRO - who then reports to Audit Committee.
_________________________
My opinions are my own, and not that of my employer.
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#1615367 - 10/13/11 04:52 PM
Re: Who does compliance report to?
WonderWoman
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Power Poster
Joined: Apr 2005
Posts: 4,013
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Recent examination said no to the C.O.O. as this person was responsible for line activities. Potential conflict of interest, so they said.
So we created a Risk officer....and I report to that person....in a dotted fashion but to the board as well.
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#1619207 - 10/24/11 06:48 PM
Re: Who does compliance report to?
MyKidsMom
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Gold Star
Joined: Mar 2011
Posts: 335
Kansas
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I am the CO and report to the President with direct access to the Audit Committee and BOD
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#1619220 - 10/24/11 07:03 PM
Re: Who does compliance report to?
Patricia
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Power Poster
Joined: Jul 2003
Posts: 2,675
Austin Texas
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COO, Audit Committee and BOD
_________________________
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.
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#1629755 - 11/17/11 05:51 PM
Re: Who does compliance report to?
RBanker
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Gold Star
Joined: Jun 2010
Posts: 350
Lost in the rain.
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General Counsel, CEO
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Where I go there I am.
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#1629785 - 11/17/11 06:13 PM
Re: Who does compliance report to?
West Coast Comp
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Diamond Poster
Joined: Sep 2011
Posts: 1,651
A CU, Where Regs Don't Apply
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Our CFO/Executive VP, that's it at this point. I'm hoping when I've proved myself somewhat educated that I'll have access to the board directly...but have been given no indication of that.
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Someone's about to get horned!
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