Regulatory Compliance & Risk Management, Compliance
1 minute read
Oct 7, 2020
Written by: Kendal Sence
Aggressive growth is a great business goal, but to achieve it the smart way, organizations need to have their houses in order first. One Top 25 bank was recently moving forward with a growth plan when it was stopped in its tracks by a consent order. Rather than gearing up for expansion, the company found itself needing to implement and maintain an effective Compliance Management Program (CMP) to meet consumer protection regulations – and the team charged with the effort had limited bandwidth and expertise.
Spinnaker joined the effort and applied our compliance expertise to help the team develop a clear, comprehensive compliance monitoring program. During the targeted engagement, we advised the bank’s relatively new team on whether they were performing the right activities and how they could balance new tasks with existing ones.
Recognizing that staff confusion and frustration over transactional testing might contribute to resistance from the team, our approach included training compliance advisors on identifying ways to streamline their work while developing effective monitoring plans. In addition to recommendations on monitoring tools, we provided monitoring scripts and regulatory guidance related to monitoring programs.
Spinnaker’s specialized advisory support, guidance and training helped a new team build its CMP competence and develop a new streamlined process that will deliver trusted results – and an upcoming audit should be an excellent final test.
Read our full Regulatory Compliance and Risk Management case study to find out how Spinnaker helped a banking client build a strong culture of compliance and monitoring. As part of that journey, our work also supported the organization in resolving a regulatory order.
Got questions about trends, insights, and challenges related to Spinnaker’s areas of expertise? In this regular blog, we tap into our Spinnaker team of experts and do what we do best: Roll up our sleeves to find you the answers you need. In this installment “Ask Spinnaker,” we’re tackling a key hiring question all leaders ask themselves:
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Meet a valued member of our Spinnaker team of experts: Consultant Kendal Sence. Spinnaker’s Risk and Compliance Rock Star, Kendal came to Spinnaker eager to join a growing company and leverage her more than 20 years of experience to immediately make an impact with clients. She enjoys working in risk and compliance because she gets to utilize her background in a variety of different ways while also continuing to learn.
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With our Spinnaker Sit-Down interview, we give you VIP access to industry influencers, thought leaders, and movers-and-shakers who share their unique insights and perspectives on industry issues, trends, and questions. This month we sat down with Maquette Advisors Managing Partner Bob Birmingham III, a seasoned consumer compliance professional, to talk about changing the narrative about regulatory compliance, what you need to know today, and what’s on the horizon as we fast-forward 10 years.
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