Independent Banker - July 2023 - 52

manual compliance processes as an
obstacle to maintaining an efficient
compliance program.
In this ever-changing regulatory
and compliance environment, finding
a trusted strategic partner could be a
wise investment.
RISK
REGULATORY CHANGE MANAGEMENT
IS COMPLEX.
Keeping track of regulatory changes
is one thing, but implementing
them across departments is
another challenge entirely. Change
management was cited as a top
compliance challenge by 28% of
community banks under $500 million
in assets, 47% of community banks
consultancy Cornerstone Advisors in
Scottsdale, Ariz.
So, rather than each department
being responsible for implementing
the relevant changes, centralizing
the responsibility means that if
a regulation applies to several
departments, it can be rolled out
in a coordinated, standardized,
interdepartmental manner.
For example, when a new regulation
is expected, the compliance team
can reach out to the appropriate
department or departments within
the bank to help get conversations
started. In this way, there's a
coordinated effort such that individual
departments aren't siloed and have
a clearer understanding of how the
regulation could affect the bank
more broadly.
" Information security
is not just within the
bank's four walls; it's part
of our ecosystem. "
-VINCENT HUI, CORNERSTONE ADVISORS
with $500 million to $999 million in
assets and by 39% of banks with more
than $1 billion in assets, according to
the Wolters Kluwer study.
SOLUTION
Regulations change constantly,
and the best way for banks to
approach this is to establish
centralized oversight of these
changes, says Vincent Hui,
managing director at the strategic
RISK
DIGITALIZATION IS A
NECESSARY REALITY.
Most community banks have made
efforts to digitalize, but only 27% say
they have either made significant
progress or are fully digitalized,
according to Wolters Kluwer.
" Community banks [should think
about] what the full journey looks
like, " Wrbanek says. For instance, a
bank may allow customers to bank
online, but does it also provide the
ability to take out a loan online?
What about e-closing functionality
and digital vaulting capability? It's
important to keep the full spectrum of
services in mind, he adds.
SOLUTION
Community banks should
consider creating a position such as
head of digital banking to coordinate
efforts broadly. " You want that change
agent to be empowered to identify
partners to work with the bank on
its journey to complete its digital
transformation, " Wrbanek says.
Another thing to keep in mind is
that digitalization doesn't relate only
52 // ICBA Independent Banker // July 2023

Independent Banker - July 2023

Table of Contents for the Digital Edition of Independent Banker - July 2023

Contents
Independent Banker - July 2023 - Intro
Independent Banker - July 2023 - Cover1
Independent Banker - July 2023 - Cover2
Independent Banker - July 2023 - Contents
Independent Banker - July 2023 - 2
Independent Banker - July 2023 - 3
Independent Banker - July 2023 - 4
Independent Banker - July 2023 - 5
Independent Banker - July 2023 - 6
Independent Banker - July 2023 - 7
Independent Banker - July 2023 - 8
Independent Banker - July 2023 - 9
Independent Banker - July 2023 - 10
Independent Banker - July 2023 - 11
Independent Banker - July 2023 - 12
Independent Banker - July 2023 - 13
Independent Banker - July 2023 - 14
Independent Banker - July 2023 - 15
Independent Banker - July 2023 - 16
Independent Banker - July 2023 - 17
Independent Banker - July 2023 - 18
Independent Banker - July 2023 - 19
Independent Banker - July 2023 - 20
Independent Banker - July 2023 - 21
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Independent Banker - July 2023 - 24
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Independent Banker - July 2023 - 26
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Independent Banker - July 2023 - 28
Independent Banker - July 2023 - 29
Independent Banker - July 2023 - 30
Independent Banker - July 2023 - 31
Independent Banker - July 2023 - 32
Independent Banker - July 2023 - 33
Independent Banker - July 2023 - 34
Independent Banker - July 2023 - 35
Independent Banker - July 2023 - 36
Independent Banker - July 2023 - 37
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Independent Banker - July 2023 - 39
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Independent Banker - July 2023 - 44
Independent Banker - July 2023 - 45
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Independent Banker - July 2023 - Cover3
Independent Banker - July 2023 - Cover4
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