Can Compliance Be Fun?

Odd question, right? "Of course it can't!" you say.

We ask ourselves that question for our clients' benefit all the time. As technology auditors, we realize that compliance has the same perception as working out. Takes effort, time, and isn't much fun.

 

Or can it be?

 

If you've ever had a personal trainer or, like me, gotten one of those free sessions from the gym, you realize that those guys look at working out in a different way. They always look for ways to keep it interesting. Switch up the workouts often, try "non-gym" related exercises and do whatever it takes to stay consistent.

That's what compliance is all about ... staying consistent.

Many credit unions today look at compliance as a burden instead of a strategic advantage. We see credit unions that only make basic efforts to get by, but then fail to keep up with best practices and regulatory requirements. Those institutions come off as tired, lazy, and "out of shape." So, how do we shed the compliance couch potato ways? Here are a few ideas:

Collaborate - We see this time and time again. If a credit union cannot effectively collaborate internally, everything else, including compliance initiatives, falls apart. You end up with one person managing the entire compliance environment when it's really everyone's job. So look for ways, both technological and not, to support people talking and sharing in the compliance responsibility.

Accountability - Hold everyone accountable to the risk reviews and mitigation stages. In our consulting, we see this as a big issue when things do not get addressed and have gone untouched since the last time we were there. Having your audit committees manage this is an important step, but not the only one. Assigning specific people the responsibility for completing certain tasks ensures that someone takes ownership of a situation through to completion. Red flags are raised when examiners come in and see that things have fallen through the cracks. Don't let this be you.

Consistency - Staying consistent, just like when you're working out, is the key. If institutions took the mindset of just doing a little bit every day vs. ramping up and ramping down for audits and exams, everyone would be better for it. Executives need to set the precedent that we are no longer going to run through these hills and valleys.

These are just a few ideas that can get you off the compliance couch and back on the road to a proactive CONSISTENT compliance environment. Remember, it's just like working out. If you expect to lose 50 pounds in a week it won't happen. Take it one day at a time!

 

 

Read Credit Union Management's monthly online-only "On Compliance" column.