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#2228547 - 01/08/20 06:23 PM What do you wish you'd known about compliance?
NoJustNo Offline
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What were some of the "duh" or basic things that you wish you'd been told when starting out into compliance?

Things like - figure out who your regulator is, resources, etc. I think this could be a very helpful thread for those just getting started!

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#2228617 - 01/09/20 01:33 PM Re: What do you wish you'd known about compliance? NoJustNo
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There are no accolades or glory in the day to day...except when an exam goes well. And I'm still ok with that. smile

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#2228622 - 01/09/20 02:46 PM Re: What do you wish you'd known about compliance? NoJustNo
DeeQ Offline
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Just be glad we are in the age of technology, where we no longer get paper updates to insert (endlessly) into our compliance guides and manuals. smile
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#2228626 - 01/09/20 03:14 PM Re: What do you wish you'd known about compliance? NoJustNo
Bville Offline
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I wish I'd known more about how to read a regulation, how to perform research,and how important interpersonal relationship skills were.

I developed my basic knowledge of the regulations by reading BOL threads. In 2001 I could read every thread every day and the regs seemed less complicated then than they do today.

Oh, and no one in the bank has as much respect for the purpose of the compliance rules than the people who work in compliance.

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#2228633 - 01/09/20 04:13 PM Re: What do you wish you'd known about compliance? NoJustNo
raitchjay Online
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I wish i'd known that despite the fact that i have no law degree, i would get asked "lawyer" questions on a daily basis.
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#2228635 - 01/09/20 04:18 PM Re: What do you wish you'd known about compliance? NoJustNo
DeeQ Offline
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laugh
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#2228642 - 01/09/20 05:04 PM Re: What do you wish you'd known about compliance? raitchjay
DoS Offline
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Originally Posted by raitchjay
I wish i'd known that despite the fact that i have no law degree, i would get asked "lawyer" questions on a daily basis.


This ^^

and how to deal with the follow-up question "but what would you say if you were?"
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#2228643 - 01/09/20 05:04 PM Re: What do you wish you'd known about compliance? NoJustNo
BrianC Offline
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raitchjay, you forgot to add "tax accountant" and "financial planner" questions!
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#2228647 - 01/09/20 05:41 PM Re: What do you wish you'd known about compliance? NoJustNo
raitchjay Online
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LOL, yep Brian and DoS.
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#2228700 - 01/09/20 10:22 PM Re: What do you wish you'd known about compliance? NoJustNo
Richard Insley Offline
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When I started, there was no one to ask. We had to invent whatever this new thing "compliance" was going to become...and that's where we screwed up.

In our eagerness to give it a name, we chose a word with no meaning. That's right, Webster defines "compliance" as a noun meaning "conformity in fulfilling official requirements." In other words, it's the end result of a successful process. Webster does not define the word as an adjective or any other part of speech...so expressions like "compliance officer", "compliance exam", or (my personal favorite) "compliance regulation" are grammatically incorrect...leading to confusion...sometimes intentional.

For years I struggled with managers and staff in certain departments who weren't confused at all. Their understanding was "your title is 'Compliance Officer' and mine is 'Marketing Officer' (or 'Loan Officer' or...) so that means you "do compliance" and I "do marketing (or lending, or whatever)". Occasionally, these exchanges included the other person's favorite 4-letter word s/he used as a reference to all regulations.

I finally realized the root of the "dumping ground" and respect problems was the word "compliance"...so I replaced it wherever possible with language that was more specific, like "regulatory management." Those changes made it easier for me to sell the concept that regulatory compliance had to be everyone's goal, that getting there was a joint effort, and that it always cost the company fewer cents-per-share if we did it right the first time.
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#2229140 - 01/15/20 09:28 PM Re: What do you wish you'd known about compliance? raitchjay
John Burnett Online
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Originally Posted by raitchjay
I wish i'd known that despite the fact that i have no law degree, i would get asked "lawyer" questions on a daily basis.

SO TRUE! And it gets really weird when some of those asking those questions are actual attorneys.
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