Building a Culture that Drives Compliance Monitoring

The Big Picture

Aggressive growth is a great business goal, but to achieve it the smart way, organizations need to have their houses in order first. One Top 25 bank was recently moving forward with a growth plan when it was stopped in its tracks by a consent order. Rather than gearing up for expansion, the company found itself needing to implement and maintain an effective Compliance Management Program (CMP) to meet consumer protection regulations – and the team charged with the effort had limited bandwidth and expertise.

The Spinnaker Approach

Spinnaker joined the effort and applied our compliance expertise to help the team develop a clear, comprehensive compliance monitoring program. During the targeted engagement, we advised the bank’s relatively new team on whether they were performing the right activities and how they could balance new tasks with existing ones.

Recognizing that staff confusion and frustration over transactional testing might contribute to resistance from the team, our approach included training compliance advisors on identifying ways to streamline their work while developing effective monitoring plans. In addition to recommendations on monitoring tools, we provided monitoring scripts and regulatory guidance related to monitoring programs.

The Client Benefits

Spinnaker’s specialized advisory support, guidance and training helped a new team build its CMP competence and develop a new streamlined process that will deliver trusted results – and an upcoming audit should be an excellent final test.

Read our full Regulatory Compliance and Risk Management case study to find out how Spinnaker helped a banking client build a strong culture of compliance and monitoring. As part of that journey, our work also supported the organization in resolving a regulatory order.