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#7580 - 12/06/01 04:37 PM Reward for Knowledge
AAB Offline
Member
Joined: Nov 2001
Posts: 91
Does anyone reward (ie. raises, bonuses, etc...) for knowledge of compliance? We are a small national bank in Idaho and Washington (3 branches, 24 employees)and I am constantly having to go over the same issues time and time again. We do not have computerized training and so far the cost seems to outweigh the advantages. I do train quarterly for all employees and new employees are trained within a week of hire. This past year we have gone to "games" This is similar to a jeporday style game with questions being asked and the staff providing the answers. This seems to work ok. but the minute they get out of the meeting, their knowledge somehow disappears.
Any suggestions would be greatly helpful as I am planning another training session in a few weeks. I have tried tests, but everyone cheats, moans, and groans!!!

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General Discussion
#7581 - 12/06/01 04:44 PM Re: Reward for Knowledge
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I have someone mystery shop branches to test for compliance (usually new bank employees). Some of the scenarios have been: 1) ask about cash deposits to ensure we do not discuss structuring and only offer to mail "Facts You Should Know" brochure; 2) ask about CD rates to ensure we properly disclose APY and can explain what it means; and 3) ask for "information" about a checking account to see if a TISA is offered. The individual or branch performing the best gets a small cash award, gift or we buy them lunch.

It is really funny when someone calls me to ask me how they did on the mystery call they just received--and it wasn't me. It seems to keep everyone on their toes.

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#7582 - 12/06/01 07:35 PM Re: Reward for Knowledge
Bartman Offline
Diamond Poster
Bartman
Joined: Oct 2000
Posts: 1,191
Springfield
This year, we conducted a compliance knowledge contest in our branches. I wrote an article on branch ramifications of a particular regulation and half a dozen questions every month. Our training officer shipped the articles to the branches, and at the end of the month she'd call and quiz whoever answered the phone. We kept track of points, I take the winning branch staff out to dinner every quarter. We add some pressure by publishing monthly results in the newsletter, and by sharing the results at the quarterly Audit Committee meetings.

We've also done the Jeopardy thing, formal classroom-type stuff, and case studies through our branch operations committee - I prepare a scenario and back at the branch they work out as a group how they should react in light of whatever regulations apply. They get my answer the following month & we discuss.

We'll meet next week to discuss the plan for 2002, and an idea I'm toying with involves appointing knowledge experts for each branch - in March, for instance, you train your branch on Reg. E requirements (when do they get a disclosure, what do you do if a customer claims an EFT error, etc.) and then we quiz the staff randomly like we did this year. The next month, someone else trains on deposit holds, or BSA, or whatever.

The challenge, as I'm sure you already understand, is keeping it fun & interesting.

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- Bart Jonker, CRCM

Opinions stated are not legal advice, and are not necessarily the opinions of OAK Financial Corp.

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Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."

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#7583 - 12/06/01 07:45 PM Re: Reward for Knowledge
AAB Offline
Member
Joined: Nov 2001
Posts: 91
Actually, the real challenge for me is explaining to managers (who were in banking when I was born) that regs change almost daily. And whatever they did back then, may not be adequate now. Every meeting almost always ends up in a fight (with them saying...but we've always done it that way and why are you changing what works, and I don't think that is the way it should be done, and on and on and on).
Sorry, I just had to get that out of my system. But it does become frustrating. I love my job and the details that are part of it, but sometimes I wish they would cut me some slack.

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#7584 - 12/06/01 11:16 PM Re: Reward for Knowledge
matthewcompliance Offline
Member
Joined: Jul 2001
Posts: 59
ventura,CA,USA
Amy

I can really sympathize with you I've been there lots and lots of times in my past experience in Europe.

It is, in my view, inward looking institutions that get to be this way. If you can find some sort of venue for your managers to meet with others from different banks and share what they are doing they should realize that the rules have changed and the world has changed (and that it isn't just Amy trying to ruin their lunchtime).

We provide an outside perspective top our banking clients and visit their branches to test information security systems and vulnerabillity to information theft through both electronic and social engineering means. We have sucessfully collected loan files, customer lists, exception reports, and financial data relating to institutions from attendance at branches.

We have been given account numbers, balances, social security numbers and addresses over the telephone.

We use these tests as training ground and not as a punitive measure. Often it is the people who try to be the best at customer service that fail these types of test but on follow ups we have seen a huge change in security and vigilence.

Give me a call if you want to discuss methodologies further.

Matthew Read


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#7585 - 12/07/01 04:36 PM Re: Reward for Knowledge
La. Lady Offline
Diamond Poster
La. Lady
Joined: May 2001
Posts: 1,873
Amy, I hear what you are saying as well. I have been sailing in a similar boat. Rough seas and all. At times it seems to get better and THEN...the next month...you feel that you are on the boat again battling waves.

You are right, the hardest ones to persuade to change are the people who have been in banking for many years, you know "been in banking all their lives" It seems that they always want to refer back to "its been done this way for years". After a few years in compliance I am still having, at times, to provide proof. After providing it, the "life-long" banker will say: "That doesn't make sense" or "I don't agree" or "I think they are mistaken" and even "Check with someone else."

Of course, sometimes they are right...a particular regulation along with its procedures don't make good sense.

You're also right...Training these people is no easier than getting them to change procedures. However, some times those who haven't been in banking very long, will sit in on training for an hour on one particular subject. You will stress a particular point. The very next month, they will say, "I didn't know that", when the point comes up again.

People learn by multiple training periods in multiple ways. So keep trucking...I have tried lectures, videos, etc....along with their favorite beverage and food!!!!!!!! The other responses are good also.

Kirchman says to try not to be insulted by these or any other people in your bank. Remember they are only people. It is a natural tendency is to kill the messenger who is bringing the bad news. Kirchman goes on to say that you should tell them you are the friendliest person that they will get the compliance news from...Other possibilites include, examiners, customers or maybe even the media. Which do they perfer?

A long time ago, when I first started in compliance, I was told by a "life-long" compliance officer, that all you have to do is to provide the training, explain that any unclear situations should be addressed to you, document that they received the training, etc...then just move on. He also said that the same applies to getting the procedures changed. Present the new procedures or process to upper management, provide proof (IF NECESSARY). Document that you have notified them....beyond that I am not sure there is much that YOU can be done.

The only additional advice that I can offer you is that you must be persistent. Keep your head up. Be confident.....and after a few years and a couple of good exams, their reception of you and your procedures will improve. Remember, the adage, "You can lead a horse to water, but you can't make him drink."


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The views expressed, herein, are not necessarily those of my employer

[This message has been edited by Kathy Lafleur (edited 12-07-2001).]

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Riding the waves of change.....2014

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