Tailored Compliance Services

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Compliance Services for Community Banks

Compliance Services for Community Banks

A sound compliance program is essential to the efficient and successful operation of a financial institution. It no less important than the bank’s business plan. The regulatory expectation is that the bank shall have a written compliance program with the following components:

  • Written policies and procedures
  • Formal Training
  • Adequate Monitoring of Consumer Complaint response

It is not expected that all bank compliance programs will be the same. The formality and complexity of the compliance program, will be dictated by numerous considerations, including:

  • size of institution
  • number of offices
  • how it is organized
  • business strategy
  • types of products
  • location of each office and
  • international or internet based business

What is important is the effectiveness, not the formality.

This is especially true for small institutions where the program may not be in writing but an effective monitoring system has been established that ensures overall compliance. However, during periods of expansion or turnover of staff, a written compliance program becomes more important because individuals with the particular knowledge or experience may no longer be with the institution or available for contact.

Read more about the regulatory expectations of a compliance program.