Independent Banker - July 2017 - 58

Risks & Rules
COMPLIANCE CORNER
Why you don't need to
dread complaints
Actively tracking, reporting and managing complaints offers benefits not only
in terms of compliance, but also for a bank's reputation and bottom line.
By Mary Thorson Wright
W
hat is a complaint?
If you ask
Merriam-Webster,
you will find
a familiar preponderance
of negative terms such as
" expression of grief, pain, or dissatisfaction, "
" something that is the cause
or subject of protest or outcry. " But
from a bank compliance perspective,
complaints are more than that.
Many financial institutions use
complaint data in a limited way,
by performing the perfunctory
resolution process and tracking
and reporting merely the complaint
volumes. However, complaint data
are a treasure trove of feedback
about internal controls and potential
regulatory risk, and a glimpse into the
minds of customers.
" Banks that can get really good at
capturing all of the written and verbal
complaint data available, conducting
solid trend analysis and translating it
into actions to improve their compliance
management system and business
practices reap the greatest benefits, "
notes Barbara Boccia, a senior director
who manages the advisory services
and regulatory relations team at Wolters
Kluwer.
Why actively manage complaints?
" First, they are a priority of the bank
58 ICBA IndependentBanker July 2017
regulatory agencies, " says Boccia.
" There is no better evidence of
that than the Consumer Financial
Protection Bureau's [CFPB] detailed
system to capture, track and report on
complaints. The CFPB is conducting
trend analysis ongoing and year over
year, and the analyses help inform
and drive the priorities for the regulators
in terms of what is coming in
examination and supervision focus,
and in future regulatory changes. "
Compliance examination guidance
offers insight into the value of the consumer
complaint and inquiry process.
It emphasizes that an effective compliance
management system (CMS)

Independent Banker - July 2017

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