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The Compliance Challenge: An examination of ABA

Highlights of biennial survey presented with experts’ commentary

 

The Compliance Challenge: An examination of ABA

ABA recently released the results of the 2011 ABA Bank Compliance Officers Survey, conducted by the ABA Center for Regulatory Compliance. Over 900 compliance officers from a full range of bank sizes responded to ABA’s survey.

ABA Banking Journal is presenting selected survey results in segments, with input from compliance experts that puts the survey findings in perspective. As each segment is published, it will be added to the list below.

The survey is a continuation of a joint survey conducted in 2003 by ABA, ABA Banking Journal, and Wolters Kluwer (then Bankers Systems).
 
 
http://www.bankingexchange.com/images/stories/briefing31412_productdecision.jpg   Has your bank ever discontinued a product out of concern about the accompanying compliance burdens? You have a great deal of company, according to ABA’s Bank Compliance Officers Survey.
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http://www.bankingexchange.com/images/stories/briefing31412_accountability.jpg   Most, but not all banks, spread accountability for compliance performance far beyond the banks’ compliance units nowadays. It’s not exactly a case of “the more the merrier,” but a recognition that in many institutions the challenge is bigger than the units’ ability to handle it, especially when critical errors may be made on the front lines of the bank.
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http://www.bankingexchange.com/images/stories/briefing31412.jpg   For decades, banking leaders have complained about the costs of compliance. Marketers have cursed Compliance (and the bank’s lawyers) as the “innovation prevention department.” The compliance fraternity’s comeback has long been that the discipline was not a cost center, but a cost-prevention center. How well is that premise working?
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Steve Cocheo

Steve Cocheo’s career in business journalism has taken him to all 50 states and nearly every corner of banking in institutions of all sizes. He is executive editor of ABA Banking Journal, digital content manager of ababj.com, and editor of ABA Bank Directors Briefing. He coordinates the popular Pass the Aspirin and First Person features and wrote the booklet series Focus On The Bank Director. He is the only journalist to have sat in on three federal banking exams, was a finalist for the Jesse H. Neal national business journalism awards, and a winner of multiple awards from the American Society of Business Publication Editors.

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