Today’s Compliance Landscape for Community Banks
In today’s regulatory environment, there are plenty of issues facing the community banking industry from a compliance standpoint. That being said, there are also many opportunities for overcoming these challenges. PKM recently conducted a Compliance Benchmark Survey to offer our clients helpful ideas for effectively coping with some of these key issues as well as to offer best practices from their peers. And, with two-thirds of our respondents from institutions with less than $500 million in assets, we were able to gather a true community bank perspective!
While we hope you will take a few minutes to read the full report, a few key takeaways we thought were worth noting are:
- There is value in maintaining collaborative regulatory relationships and there are plenty of ways to enhance the current ones you have.
- Given the earthquake the industry endured five or six years ago, more banks are implementing solid risk management programs and appear generally more confident in their institution’s ability to cope with these risks.
- There are a wide array of customizable tools and resourcesavailable for the identification, measurement and management of compliance risks which makes protecting your bank more practical and affordable than ever before.
- Senior management holding a seat at the compliance table and being actively involved in managing and monitoring risks is considered one of best practices of high performing institutions.
- Overall, as an industry most bankers are starting to better understand the bigger picture as it relates to their risk management and compliance efforts and have a positive outlook for the future.
For a deeper dive into the best practices we uncovered during our study, click on the image below to read the full report: