Question for other bankers....

wbowen · February 2011

Hi there, I'm wondering how other small banks take care of their audit and compliance functions... We are a small community bank with approximately 85 employees. We have one employee titled Audit/Compliance Officer. This position provides internal audit procedures for different departments and regulations in the Bank. This person is also a resource for employees in the compliance area - which results in frustration as the person that audits us can not write policies and procedures in regard to regulation because that crosses the audit line... (i.e., how can you audit a regulation if you've written the policy and procedures). I'm very interested to hear how other bank's are doing this function efficiently and successfully. Are you outsourcing your internal audit function, and employing a compliance specialist? Do you employ both an internal auditor and a compliance specialist? In today's banking world of ever increasing and changing reg's, this is an issue I anticipate I will be dealing with for a long time. Any insight you could share would be very much appreciated. Thanks!

cnghr · February 2011

We are a bank with about 130 employees and we have always outsourced our internal audit function. In the past couple of years we have gone from having a couple of employees who handled compliance part-time to a three-person compliance department, and sometimes even those three people are scrambling to keep up with all the constantly changing, ever-increasing regulations that affect banking these days.

Dutch2 · February 2011

We too have about 140 employees and have always outsourced the internal audit functions. We have a full time compliance/audit officer with a full-time assistant. They conduct minor audits and as CNGHR stated are scrambling to keep up with all the changes. I am meeting with our Compliance officer tomorrow afternoon to get us on the straight and narrow for the SAFE Act.

wbowen · February 2011

Thanks, that is helpful. How about bank specific HR websites that you are aware of (aside from ABA)? Just looking for some additional resources. Thanks again!

KADavis · February 2011

We employ 140 and have both an internal audit department and a compliance department.

Sharon McKnight SPHR · February 2011

[quote=KADavis;721740]We employ 140 and have both an internal audit department and a compliance department.[/quote]

KADavis,

Your first post. Welcome to the Employers Forum!

We hope to hear more from you.

Sharon

:welcome:

Question for other bankers....

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