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New Year's Resolution

Compliance training is becoming a favorite item of compliance examiners and is therefore one of the most important elements of your compliance program. You can probably count on having them check your training plan and materials in the next compliance exam.

Resolve that in 1996 your bank's staff will really learn compliance, including the practical applications of complicated rules. Review your training calendar, or set one up if you don't have one. Set training priorities to control for compliance risk and compliance exposure. For example, several regulations (Bank Secrecy, Expedited Funds) require regular training. Be sure to schedule training on these regulations every year. Also schedule training for regulations that have high risk because of the nature of the transaction. For example, knowing when to place exception holds and how to provide notices, and knowing when and how to provide correct savings account disclosures require the teller or customer service rep to identify the exception situation and apply a complicated rule. That is when compliance slippage tends to occur. Training is your best prevention.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 3, 1/96

First published on 01/01/1996

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