Independent Banker - April 2021 - 22

PORTFOLIO
ā—ˇFOCUS COMPLIANCE
1. Maintain a culture
of compliance
4 ways to conquer
compliance challenges
For community banks, regulatory burdens and compliance costs are
constant challenges. But by taking steps including building a culture of
compliance, they're challenges that can be met. By Mary Thorson-Wright
For compliance to shine,
community banks must clearly
and consistently communicate
compliance responsibilities
across their institutions. They
should treat compliance as part of
everyone's job, including third-party
service providers.
The importance of compliance
must travel from the top-down to
engage the entire team to work
together. The compliance and
legal departments do their part
by disseminating information,
answering questions and providing
critical oversight, but successful
community bank managers know
that compliance and legal staff need
bankwide support. Community
banks should operate under the
assumption that compliance isn't
an afterthought, a necessary evil or
contrary to business goals.
2. Recruit compliance talent
FDIC-insured community bank
charters represented 91% of
insured institutions as of Q3 2020,
according to the FDIC. Of those
5,000-plus financial institutions,
2,416 were based in counties
that are predominantly rural,
with populations of fewer than
50,000 residents.
ith few exceptions, community banks face many of the same challenges
of comprehensive compliance management as do resource-laden
megabanks and tax-advantaged credit unions. The resources community banks
use to meet these challenges-human, electronic or otherwise-add up.
Nearly two-thirds of community bank executives plan to maintain their
compliance budgets this year, and another 31.4% say their compliance budgets
will go up 5% or more, according to Independent Banker's Community Bank
CEO Outlook survey.
Of course, community banks want to limit these costs as much as possible so
they can focus on serving their communities, upholding regulatory and industry
standards, and achieving their business goals.
So, when it comes to compliance challenges, how can community banks
mitigate-or conquer-them?
W
While community banks
headquartered or with branches
in less populated, more rural
communities have plenty of benefits
to attract employees-an often
higher quality of life and lower cost
of living-there may naturally be a
smaller talent pool or pipeline for
recruiting well-qualified compliance
staff, making recruitment efforts and
training critical.
Community banks, regardless
of location, can rely on various
training tools, including live virtual
22 Q ICBA Independent Banker Q April 2021
Illustration by Elwood Madison/Stocksy

Independent Banker - April 2021

Table of Contents for the Digital Edition of Independent Banker - April 2021

Table of Contents
Independent Banker - April 2021 - Cover1
Independent Banker - April 2021 - Cover2
Independent Banker - April 2021 - Table of Contents
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