Compliance Training for Board Members?

Posted By: Comply

Compliance Training for Board Members? - 09/30/04 02:17 PM

With the new compliance exams top down communications approach. Does anyone have a good guide for what compliance reg areas should be taught to the board? ie; how much is too much, etc? How often? Would appreciate any guidance.
Posted By: Retired DQ

Re: Compliance Training for Board Members? - 09/30/04 02:29 PM

Annually, I do Reg O and hot topics. Hot topics are generally 1. The examiners' hot topics (like BSA/AML) and 2. New regs and their impact on our bank.

For example, in March, I did Reg O, AML & Check 21.
Posted By: Andy_Z

Re: Compliance Training for Board Members? - 09/30/04 02:32 PM

This is somewhat risk-based but I'd always include CRA in there as well.

You are looking for the 50,000 foot level review in most cases with more specifics on the requirements of hot topics and areas you had been weak on in the past. What are the requirements and what are you doing?
Posted By: HR Banker

Re: Compliance Training for Board Members? - 09/30/04 02:38 PM

During our last compliance exam the examiner suggested I attend a board meeting to discuss regulations that would be referrenced in various audits so that they would have an idea of what was being reported. I briefly summarized Regs. B, C, D, E, P, Z, CC, DD, BSA & Flood.
Posted By: EdOils

Re: Compliance Training for Board Members? - 09/30/04 04:11 PM

In my audit reports, I try to give a brief breakdown of the reg that I've just audited. Some are very brief, maybe 2 sentences. Others, such as BSA, may be a couple of paragraphs. I find that this helps when discussing the report, as the Board has some understanding to why I am looking at something. I find that they are asking better questions now. It also helps to document the training, since it is part of the Board package and is filed with the minutes. Our FDIC examiner liked it and that's all that matters. (not really, but it sure helps!)
Posted By: berico

Re: Compliance Training for Board Members? - 09/30/04 04:50 PM

I have been given 10-15 minutes at every month's board meeting to conduct compliance training for the directors. I have a yearly schedule developed, and cover at least an overview of all the regulations. Obviously, I spend more time on some (Reg O, CRA, etc.)than others. The board members, especially the audit committee chairman, is very high on the program. When the FDIC was in recently, we received high marks under training. A handout on the proposed topic is sent out with their board package a week before the meeting. The handouts are arranged so they can be retained in a binder by each of the directors.