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#759451 - 06/22/07 09:20 PM compliance
KColbert Offline
New Poster
Joined: Jun 2007
Posts: 5
I am brand new to this type of position & have had very little training but have been in the banking industry for 7 years. Is there anyone that would have some advise as to what reg's should be top priority for me to learn & what are some key things for this position to know. Any advise would be greatly appreciated.

Thank you!

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#759475 - 06/22/07 09:42 PM Re: compliance KColbert
ktac MITCH Offline
Diamond Poster
ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
Welcome to the exciting world of compliance, nothing is the same every day!
I would say you should start by reading your banks last 2 exam reports and the last 2 audit reports. This will tell you where the weak spots were and you can make sure all findings have been addressed and corrected.

Next would be to review the risk assessments that your bank has in place - BSA/AML, CIP, An overall Compliance Risk Assessment. These will indicate where the higher risks are and hence, where you should concentrate at first.
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My opinions are just that, and might be worth what you paid for them.

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#759578 - 06/23/07 01:04 AM Re: compliance KColbert
Richard Insley Online
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
KTACmitch offers excellent advice. Other suggestions-
1. Get your eyes examined--you'll be doing a LOT of reading.
2. Attend the ABA's National Compliance School as soon as possible. (Yes, it's very expensive--but an enforcement action costs much more.) Nothing can jump-start a new compliance officer faster.
3. Spend some time with the sales and servicing staff in parts of your bank where you have not worked. (You can't understand the regs until you understand the products and services being regulated.)
4. Get a copy of your regulator's compliance examination manual and begin studying it. Mark the parts you don't yet understand & come back to them later.
5. Consider outsourcing anything that can lighten your load while you get up to speed. (Yes, it's expensive--but an enforcement action costs much more.)
6. Using BOL threads and other sources, develop a list of those infractions that have the potential to:
a. Cost your bank it's charter or freeze it's growth options.
b. Produce massive penalties and restitution.
c. Expose bank employees to prison time.
d. Cause referral of an enforcement action to another agency (HUD, DOJ, etc.)
_________________________
...gone fishing.

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#776170 - 07/16/07 08:41 PM Re: compliance Richard Insley
petcat Offline
Junior Member
Joined: Apr 2007
Posts: 28
Tennessee
I can't offer much help but wanted to say hi and let you know that I am in the same position as you. I have worked in the operations department for 9 years and just recently accepted my compliance position. I am the only compliance person in my bank and don't really have anyone to train me so I sometimes feel very overwhelmed. I am going to the National Compliance School this month and hope that I will learn alot. I have heard that it is great for new compliance officers. If you would like, I can let you know how that goes.

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#776363 - 07/17/07 01:57 PM Re: compliance petcat
Oviedo Boy Offline
Platinum Poster
Joined: May 2006
Posts: 629
Tennessee
Hey petcat...I was recently "offered" the Compliance Manger's position at my bank as well (read: "dumped in my lap")...I went to the ABA school in April, sat for the CRCM exam, and passed! That was the easy part...now managing the day-to-day stuff and putting out fires (and hopefully preventing some too) is the real challenge! I see you are from TN...what part?
_________________________
Maybe all one can do is hope to end up with the right regrets.

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#778208 - 07/18/07 10:04 PM Re: compliance Oviedo Boy
Night Train Offline
Diamond Poster
Night Train
Joined: Sep 2006
Posts: 1,189
Down South
Hey petcat and Oviedo Boy...I'm in Tennessee too...I'm pretty much alone in my small FI...compliance is not always popular. petcat, Oviedo Boy is right, it's the day to day things that can get you. It is vital to attempt to be somewhat organized. I have a "to-do" list (growing and growing and growing...) and it is one of the most valuable tools for me. I date the entry and then, if necessary, place a completion date next to it. It really helps keep things in perspective. Oviedo Boy, Congrats on the CRCM exam.

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#781051 - 07/23/07 08:30 PM Re: compliance Night Train
petcat Offline
Junior Member
Joined: Apr 2007
Posts: 28
Tennessee
Hi, I am from Dayton. Nice to meet other Tennesseans. I am leaving this week for the National Compliance School in Berkeley, CA! I hope I get lots of information that I can use. What part of Tennessee are you from?

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#781416 - 07/24/07 02:52 PM Re: compliance petcat
Oviedo Boy Offline
Platinum Poster
Joined: May 2006
Posts: 629
Tennessee
Thanks, By Train. Still in shock that I actually passed!

I am in the Nashville area, working for a de novo...
_________________________
Maybe all one can do is hope to end up with the right regrets.

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