Office of the Comptroller of the Currency

Recruiting and Retaining Compliance Staff is Key Risk for Banks, Regulator Says

Eoin Hudson News, Opinions, Other

The takeaway: compliance resources are limited—keeping skilled professionals focused on the areas where they provide the most value by improving the efficiency of compliance programs is critical.
 
Hyperproof summary: in addition to expanding regulations, resources are being stretched due to a shrinking talent pool for compliance professionals, especially in the financial industry. The impact is two-fold; department improvements are hampered and budgets increased as recruiting and retaining talent becomes more competitive. The strain is particularly acute for organizations trying to strengthen their controls or small lenders and regional banks.

The article highlights how too few universities have the curricula necessary to produce professionals with the requisite experience, but only gives a passing mention to the greater issue, the antiquated compliance management landscape and resulting inefficiencies.

“To improve the efficiency of their compliance programs, banks are looking at new ways to use artificial intelligence and other advanced technologies…”

While there is certainly a need to get more qualified individuals for these high-demand roles— and the industry at large— bringing the solutions those men and women use into the 21st century is the forest that’s going unnoticed.
 
Read the full article here