“I get by with a little help from my friends.”
Even The Beatles knew it takes a village to maintain compliance across an entire financial institution!
All kidding aside, even banks and credit unions that have a dedicated compliance officer must rely on the knowledge and expertise of third-party vendors to remain compliant in all areas. That’s doubly true right now, with everything happening with the COVID-19 crisis. It’s up to the management team to provide their compliance people the support they need to be able to do their job thoroughly.
NOBODY CAN REALISTICALLY GO IT ALONE
I’m reminded of a conversation I had with a CEO, who told me, “We don’t need to hire an outside consultant to monitor and manage our overdraft program—we’re hiring a great compliance officer with previous experience in overdraft compliance.”
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