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#288042 - 12/13/04 04:00 PM incentive plans for compliance department
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,092
South
We are trying to set up an incentive plan for the Loan Review and Compliance departments. Does anyone have plans for these departments they would be willing to discuss?

thanks

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General Discussion
#288043 - 12/13/04 04:10 PM Re: incentive plans for compliance department
P*Q Offline

Power Poster
P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Our Bank doesn't have a separate incentive plan for compliance. I am included in the all-staff incentive plan which is based on whether the bank makes it's non-interest income goal each year.

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#288044 - 12/15/04 06:59 PM Re: incentive plans for compliance department
Anonymous
Unregistered

This is a "hot issue" here at my bank this year. Not only are incentive goals being set-up for compliance but also for loan operations. My suggestion was to base my incentive and loan operations incentive off the bank's success but management wants the incentive based on hard goals...how many loans are booked, how many loans are scanned into the system, which I say is completely unfair because LO work is based on what the loan officer's do.

Does anyone out there have any incentive ideas for Loan Operations?

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#288045 - 12/17/04 08:42 PM Re: incentive plans for compliance department
ForceFull1 Offline
100 Club
ForceFull1
Joined: Nov 2003
Posts: 245
smalltown Iowa
I wear a couple hats at my bank. Under the compliance hat, I receive a bonus if we receive a "1" rating during our FDIC compliance exam. Not a major incentive plan, but I'm incented more with my other duties. Hope this helps.

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#288046 - 12/17/04 08:54 PM Re: incentive plans for compliance department
Comply 101 Offline
Platinum Poster
Comply 101
Joined: Jul 2001
Posts: 708
Our incentive is based on ROA and ROE. Would it be fair to base rewards on the number of loans booked. What if you made your goal, but your loan charge offs were double from last year and your delinquencies were at 5%? Just my opinion, but I think bank wide goals are best.
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