I'm struggling with a lack of ...direction....
I don't mean to be rude, but I do mean to be blunt.
If you don't know what to do, then you must move quickly or you are
the problem. When you were put into this position, was there a realistic job description? Did your predecessor have a business plan? If you were expected to grow into the position's qualifications through schools and other forms of study, have these things occurred? How long's it been since your bank had a qualified assessment (regulators or consultants) of its compliance management program? Did that assessment point out weaknesses & are they being eliminated?
If you're floundering, the bank's racking up exposure to penalties and costly corrective actions. If you're confident you have the knowledge and experience to get things under control, then your real concern is resources and authority. These are someone else's problem--you just need to make lots of noise. What ever you do, don't blindside your boss. S/he should be a party to any serious discussions about progress or a lack thereof.