Brad M. Bolton: Compliance as a focal point

  2. Banking
  3. Brad M. Bolton: Compliance as a focal point
Brad M. Bolton: Compliance as a focal point
In today’s intense regulatory landscape, compliance extends to every speciality of banking, so much so that no one person or team can be solely charged with managing a bank’s compliance requirements. In fact, compliance has grown to wilt a massive responsibility that must be part of every employee’s job. We’re looking at the need for a full culture of compliance.

But what does it take to get to that point? It has to start at the top. When I was new to my CEO position, we were faced with the retirement of a seasoned compliance officer, and we transitioned that role by promoting a rising leader to the position. This individual is uncommonly bright, but we saw the writing on the wall: Compliance is far increasingly than a silo within the bank. So, we made a transferral to her that we would walk abreast her and support her in her compliance journey. Our senior leadership team took that to heart, and it stuck with us, creating an environment in which compliance plays a significant role in everything from our strategic direction to our daily operations.

Managing compliance is a role that polity bankers take increasingly seriously than any other segment of the financial services industry.

We didn’t realize that we were creating a shift in our habits, but we have benefited from that decision. To this day, I share important regulatory and compliance wares with relevant team members, emphasizing hot-button issues or key notes withal the way. I hope by exemplifying an accent on compliance, the rest of the organization recognizes its importance to our business.

My top three

Compliance discussions for every team:

  1. Reg E/Overdraft Programs and Representments
  2. Fair Lending/Section 1071/TRID
  3. Data/Third-Party Management/Cyber

Regulations are there to require what we do every day as polity bankers: protect our customers. That is probably why managing compliance is a role that polity bankers take increasingly seriously than any other segment of the financial services industry. We know the decisions we make and the manner in which we self-mastery merchantry has an effect on our customers and communities.

Thankfully, everybody wins when compliance becomes a wall focal point. Employees proceeds a broader understanding of the “whys” overdue decisions. Customers goody from spare protections, disclosures and support. Regulators win when a bank’s exam is simple and straightforward when compliance is a priority. Even shareholders receive an advantage, considering a happy consumer wiring is a referring consumer base.

So, as you read this month’s compliance issue, I hope you’ll consider how to create or enhance your own culture of compliance. When you do, you strengthen your wall and the products and services you bring to your community.

Brad M. Bolton, Chairman, ICBA
Brad M. Bolton is president and CEO of Polity Spirit Wall in Red Bay, Ala.
Connect with Brad @BradMBolton

September Tue, 2022