Tuesday, November 15, 2016

Survey Shows Drop in Compliance and Risk Management Concerns

Despite a persistently stringent regulatory environment, banks and credit unions are becoming more confident in their compliance and risk management programs, according to the Regulatory and Risk Management study by Wolters Kluwer.

Overall, levels of concern among the 846 respondents collectively declined for the first time in the survey’s four-year history. A majority of the respondents -- 59 percent -- said that their compliance department now plays a collaborative role in major business decisions within their organization, and 39 percent are using an integrated or strategic risk management program.

While confidence is growing, respondents still noted several key obstacles to implementing an effective compliance program, including inadequate staffing (33 percent), manual processes (26 percent) and too many priorities (21 percent). Preparing for the new Home Mortgage Disclosure Act rules was also a central point of concern, with most respondents worried about being able to accurately capture the data required by the rule and training bank employees.

On the risk management side, 70 percent of respondents fingered cybersecurity as the top risk their institutions will face over the next year, up from 66 percent in the 2015 survey.

Read the press release.

Read the survey.

No comments:

Post a Comment


The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.