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#512777 - 03/10/06 09:05 PM Compliance Auditor vs. Compliance Manager
Nick Grant Offline
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Joined: Sep 2005
Posts: 108
What is the difference between a compliance auditor and a compliance manager?

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Audit
#512778 - 03/10/06 09:49 PM Re: Compliance Auditor vs. Compliance Manager
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,361
Galveston, TX
In general, I would say that one usually is within a typical Audit Department structure (reports directly to the board or board committee) and the other is a portion of bank managmeent. Large banks may have both - smaller banks may have some sort of hybrid.
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#512779 - 03/10/06 09:50 PM Re: Compliance Auditor vs. Compliance Manager
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
IMO, a manager manages the compliance function within the insitution, ensures that the Bank is in compliance with the regulations maybe by ensuring policies, procedures, monitoring is in place. An auditor would ensure that the efforts of the manager are enough to ensure compliance, maybe by spotchecking files, disclosures, reviewing policies, etc.

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#512780 - 03/14/06 05:38 PM Re: Compliance Auditor vs. Compliance Manager
dauditor Offline
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Joined: Feb 2001
Posts: 26
In our bank, I am both the Internal Auditor (which includes auditing all departments and functions for compliance) and the Compliance Manager. We have three vice presidents (in loans, deposits, and information systems) who have compliance officer duties, and who are charged with making sure that there are adequate procedures and controls within their respective areas to comply with all applicable laws, regulations, and bank policies. As the Compliance Manager, I provide oversight over the bank's Compliance Program and give the compliance officer's a "heads up" on what is coming in regulatory actions. We meet as a Compliance Committee quarterly to discuss regulatory changes, the need for any policy or procedure changes, training needed or completed, compliance audits performed, etc. This committee also drafts policy for management approval and forms sub-committees as needed to address areas that affect multiple areas of the bank such as information security, CIP, etc.
This system works well for us and helps prevent anything important from slipping up on us or falling through the cracks.

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