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How involved is your board of directors with your compliance strategy? If the answer is “minimally,” it’s time to take action. If the past year is any indication, examiners will be placing extra emphasis on board oversight in 2015 as they seek evidence that community banks are finally dismantling their siloed approach to compliance and addressing it as an organization-wide concern.
Over the last year, the role of the board and its influence on the financial institution’s compliance management strategy has been elevated in various handbooks, examination manuals and self-assessment guides issued by regulatory bodies. A quick survey of four such documents found that the term “board of directors” is mentioned 220 times. In recent enforcement actions, examiners have gone as far as to fine board members for ineffective compliance…
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With over 20 years of career experience in compliance, Pam has served as a chief compliance officer, an educator and consultant for regional and national organizations, and as a Senior Examiner with the Federal Reserve. Her extensive knowledge of compliance, both as a consultant and an examiner, has made her an essential component to the success of Continuity Control as the Chief Compliance Strategist. Pam’s expertise enables her to swiftly decipher regulatory items, analyzing whether, and how, they pertain to each financial institution.