Risk Management & Regulatory Compliance
1 minute read
Aug 5, 2016
Written by: Shawn Sweeney
An upcoming regulatory exam can strike fear into the heart of even the most confident and experienced business leader. And while there’s no trick that will make all of that anxiety go way, knowing what to expect when the examiners arrive on site can go a long way to alleviating your concerns. Here are a few steps you can take to better set you and your team up for a successful exam:
Of course exam prep is best when it actually happens in advance of the receiving the Information Request from the exam team. Put exam dates on your calendar, and then schedule appropriate milestones to prepare.
When a Top 25 US bank was issued a consent order to tighten its internal controls in order to better mitigate risk, the bank uncovered a need for defined processes and quality assurance protocols within its Trust department. Looking for immediate guidance and Trust expertise, the team brought Spinnaker on board to identify existing gaps, define procedures and create a path to compliance.
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Late last month, I had the pleasure of attending and facilitating a couple of on-demand panels for the American Banking Association’s (ABA’s) first-ever Risk and Compliance Virtual Conference.
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A decade ago, banks expected regulators to arrive for scheduled routine examinations, where they would conduct external testing and point out any problems they uncovered. But as we look at today’s regulatory landscape, the scenario has flipped. Across the industry today, regulators increasingly expect banks to have robust risk management frameworks to proactively catch and resolve issues before anyone else identifies problems – and especially before any customer impact occurs.
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