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#242100 - 01/06/05 09:33 PM
Re: Demonstrating the Value of the Compliance Function
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Platinum Poster
Joined: Jan 2004
Posts: 555
Louisiana
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I make that much. (Yeah, right!  )
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You gain education by reading the fine print. You gain experience by not.
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#242101 - 01/06/05 10:22 PM
Re: Demonstrating the Value of the Compliance Function
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Gold Star
Joined: Sep 2001
Posts: 314
Midwest
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I got the impression that they're really talking about the people in charge of compliance programs for Sarbanes Oxley and SEC broker rules, not consumer protection. But it's still nice to see the word compliance in an article about million dollar salaries. And to think that just a few short years ago they were all toiling away for only $300,000 a year. Kind of inspiring isn't it?
Last edited by Terry; 01/07/05 02:08 PM.
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All statements are my own and not necessarily those of my employer.
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#242102 - 02/18/05 07:11 PM
Re: Demonstrating the Value of the Compliance Function
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Anonymous
Unregistered
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I have used several of the strategies suggested and was recently promoted to a snior management position in my organization! Thanks for the input and the motivation!
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#242105 - 05/09/05 03:00 PM
Re: Demonstrating the Value of the Compliance Function
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Anonymous
Unregistered
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Any more success stories?
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#242107 - 09/13/05 09:31 PM
Re: Demonstrating the Value of the Compliance Function
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Gold Star
Joined: Aug 2001
Posts: 295
St. Louis, MO
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Quote:
I was recently promoted to VP in my organization and have successfully lobbied for additional resources.
Great job. Does this mean that you are hiring? 
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#242108 - 09/15/05 05:03 PM
Re: Demonstrating the Value of the Compliance Function
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Platinum Poster
Joined: Sep 2005
Posts: 590
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I'm glad this thread was updated. I gained some great ideas by reading through it. Thanks BOL!
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CRCM, CLBB
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#242109 - 09/15/05 10:53 PM
Re: Demonstrating the Value of the Compliance Function
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Gold Star
Joined: Oct 2004
Posts: 269
Home of the Red Sox
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Quote:
I am a Compliance Officer, Internal Auditor & Security Officer. None of these titles generate income for the bank. About the same time that I came to work for this FI, they also hired a Collections Officer. She immediately went to work repoing cars and boats and trucks and really generating some income for the bank. Even though we were hired at approximately the same time with approximately the same experience, guess who makes the higher wage? Fortunately, I really like my job(s) and the people I work with. My counterpart, on the other hand, is highly stressed and has to deal with some not very nice people.
HAHAHAHAHAHA-I can so relate to your post- I was hired as the Collections Officer- my FI retired the Operations and BSA Officers, took lending compliance away from the LO's so now I now have Collections, BSA, Operations, Retail and Lending Compliance and guess who makes the same as the Collections Officer-HAHAHAHAHAHA sorry it's not that funny now I am crying. 
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Humility about how little I know has encouraged me to listen more carefully and more wisely.
John Templeton
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#242111 - 09/20/05 02:11 PM
Re: Demonstrating the Value of the Compliance Function
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Member
Joined: May 2001
Posts: 56
Bushwood Country Club
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Bullet proof windows are nice, but cash is even better!
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Jeff Kropschot, Assistant Greenskeeper
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#242112 - 09/20/05 04:10 PM
Re: Demonstrating the Value of the Compliance Function
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Gold Star
Joined: Nov 2003
Posts: 300
Oklahoma
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I am the original poster quoted in Murphysgirl's post (Compliance Officer, Internal Audit Director, Security Officer, etc.) In the last twelve months, I have received my CRCM certification, received an outstanding on the BSA portion of our bank's Safety and Soundness exam, and recently received an outstanding on our Compliance and CRA Exam. I have received no raise so guess who still makes more money than me? (I still really like my job and the people I work with, though!)
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Ginger M CRCM
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#242113 - 09/21/05 12:47 PM
Re: Demonstrating the Value of the Compliance Function
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100 Club
Joined: Oct 2003
Posts: 170
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Ginlyn - You're really lucky to have a job that you like and coworkers that you enjoy spending time with. It would take a lot of money to keep me someplace if those two things weren't present. But with all of your recent successes I think it's time to lay that all out in a discussion with your supervisor and request that you be considered for a promotion. I would also provide him/her with a memo that reiterates these points to make it easier for him/her to present to someone else. You have a textbook case of being able to show how you add real value to the bank and that you're worth the money and the title. I'm not advocating that you lay down an ultimatum or threaten to quit. But some supervisors won't take any action to give you a promotion or a raise if they think you don't have any aspirations or expectations.
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#242114 - 09/21/05 04:11 PM
Re: Demonstrating the Value of the Compliance Function
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Gold Star
Joined: Nov 2003
Posts: 300
Oklahoma
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Yes, I am very fortunate. I'll see what happens in December when raises and bonuses are handed out, and promotions are usually made in March. Senior Management is quite aware of my recent certification and the bank's high ratings at both examinations since they were at the exit interviews. I'm hoping I don't have to point everything out again, but who knows?
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Ginger M CRCM
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#242116 - 09/22/05 03:03 PM
Re: Demonstrating the Value of the Compliance Func
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Diamond Poster
Joined: Oct 2004
Posts: 2,089
Connecticut
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I just returned from the ACB Compliance Conference in Chicago where I presented a seminar that touched upon the topic, "Turning your CRA Cost Center into a CRA Profit Center" . The truth is that a good CRA self-assessment program must include a thorough analysis of the loan markets. I can't imagine a bank president who would not be turned on by a CRA meeting in which the CRA Officer had detailed analysis of the local loan market including market rank and market share comparisons with all the competition . Moreover, the CRA Officer should be able to point out areas where the bank may be underperforming thereby showing new market and profit opportunities for the bank. As long as compliance is just thought of as another cost center, compliance officers will be considered a necessary evil (even though you perform a valuable function for the bank that may save it money in the long run) - and guess what kind of compensation that merits?! I've advised banks all around the country on compliance and there are exceptions. But for the most part senior management normally has a begrudging attitude toward the compliance function. It's up to you to take the "marketing" opportunites presented by regulations like CRA and HMDA to open management's eyes to the "other side" of compliance. Don't be defensive. Be proactive. I've posted some market reports on our web site GeoDataVision Community Development Market Reports to give bankers an idea of what kind of data is readily available. You might be surprised with the kind of information that you can get that will help you out. 
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#242117 - 09/23/05 12:52 AM
Re: Demonstrating the Value of the Compliance Func
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Power Poster
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
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I'm not sure which post you're replying to Len, so I can't answer directly. Good ideas for other folks though, especially if they're trying the defensive attack, which never has worked in my opinion  Unlike compliance  my division is a profit center, and has been since I started. (oh hush you compliance people). I guess I take a little different bend. I don't present to the president on how we're doing in each market (I have that data of course, but I save it for the board and our examiners). Instead I pound the pavement in those markets. How we look on paper is one thing, but how we're reacting in the public is another. It's those hours on the street (ok at wine tastings) that really pay off for my profit center. In my mind, how we look on paper is just the beginning. Heck, that's the easy part to manipulate it's the smiling and hand shaking that takes real work
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Dawn Coursey VP/CRA Queen
CRA Rating is in...Oh who cares...I'm home with the baby.
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#242118 - 09/29/05 03:06 PM
Re: Demonstrating the Value of the Compliance Function
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Anonymous
Unregistered
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It didn't at the time, but it does now. Interested? 
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#242120 - 07/11/06 04:24 PM
Re: Demonstrating the Value of the Compliance Function
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Gold Star
Joined: Aug 2001
Posts: 295
St. Louis, MO
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And I know who you are!!!
Are you hiring??
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#242121 - 07/11/06 08:56 PM
Re: Demonstrating the Value of the Compliance Function
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Power Poster
Joined: May 2001
Posts: 8,458
Somewhere
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Quote:
I am the original poster quoted in Murphysgirl's post (Compliance Officer, Internal Audit Director, Security Officer, etc.) In the last twelve months, I have received my CRCM certification, received an outstanding on the BSA portion of our bank's Safety and Soundness exam, and recently received an outstanding on our Compliance and CRA Exam. I have received no raise so guess who still makes more money than me? (I still really like my job and the people I work with, though!)
FYI Ginlyn, bank ratings on compliance and S & S exams are supposed to be confidential, only the CRA is public. Your profile didn't really have personally identifying info but fyi.
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#242122 - 07/13/06 12:55 AM
Re: Demonstrating the Value of the Compliance Function
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Power Poster
Joined: Jul 2001
Posts: 3,708
Las Vegas Nevada
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You guys realize you are replying to posts 10 months old?
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#689528 - 02/20/07 04:58 PM
Re: Demonstrating the Value of the Compliance Function
QCL
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Diamond Poster
Joined: Dec 2003
Posts: 1,338
Wisconsin
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I look at it from the fact that I'm saving the bank money in possible civil money penalties for not complying with regulations. For example, if you don't have a strong BSA program with someone competent to monitor it, you run the risk of becoming another Riggs bank and possibly being forced to close your doors and/or face substantial fines.
When I started back in compliance about 8 years ago, I wondered too what my value was. But as the years have progressed with things being scrutinzed more by the regulators, I know I am a valuable asset to the bank.
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