The Tension Between Compliance Officers and Sales Staff

The tension between compliance officers (COs) and staff charged with sales and innovation is well-known.

Michelle Prohaska, Chief Compliance Officer at Nymbus, brings a wealth of legal expertise to the table when it comes to the thorny regulatory issues surrounding digital banking. With her vast experience in the field, she is well-equipped to handle any challenges that may come up.

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In today's business climate, compliance officers (COs) and staff charged with sales and innovation often find themselves at odds with one another. The CO is often seen as a hindrance to be dealt with, rather than a partner to be engaged. This tension is often expressed through complaints such as "You always say no" or "You never let us innovate." However, it doesn't have to be this way. With a little understanding and communication, both sides can learn to work together more effectively. By seeing the compliance officer as a valuable collaborator, businesses can open up new opportunities for growth and innovation.

It's no secret that creatives and compliance teams often butt heads. Part of the reason for this is that compliance is often left out of the loop when it comes to project timelines. This can result in rushed work and quick decisions about innovative ideas, without the benefit of time to assess potential risks. compliance teams need to be brought into the fold earlier on in the process, so that they can provide input and feedback in a timely manner. This will help to avoid potential problems down the road, and ensure that everyone is on the same page from the start.

As a CO, it is important to remember that you are responsible for balancing the competing demands of growth and risk management. In times of pressure, it is easy to default to traditional risk assessment models that may stifle innovation. However, by remaining open to new ideas and approaches, you can help your organization achieve its goals while still protecting against potential risks.

The role of the compliance officer is vital to any organization, but it can be a thankless and stressful job. A recent survey found that 59% of compliance officers surveyed say they're burned out and 43% struggle with anxiety. But there is a better way. compliance officers can choose to step off the tightrope and find a better way to bridge the gap. They can transform their role from "gatekeeper" to "forward-thinking differentiator." In doing so, they can help their organizations thrive while also enjoying greater personal satisfaction.

Transformative compliance is a novel perspective that can help financial institution COs solve that dichotomy. By asking the right questions—and getting involved early—you can build trust among collaborators, increase innovation and efficiency and help everyone move forward together. This approach can help you create a more efficient and effective organization, while also fostering trust and collaboration among all stakeholders. By getting involved early and asking the right questions, you can make a real difference in how your organization runs. Transformative compliance is a powerful tool that can help you create a better future for everyone involved.

A culture of transformative compliance is essential for financial institutions. It requires changes in perceptions and processes within the organization, and a continued focus on ensuring regulations are met. However, the benefits of this culture are invaluable and well worth the effort.

There's no doubt that a "us vs. them" mentality can create tension and conflict in any organization. But it doesn't have to be this way! With a little effort, we can start to chip away at this mentality and transform compliance activities into a culture of collaborative innovation. Here are some tangible tips to get started: -Encourage open communication and dialogue between different departments and

It's important to always be thinking about how you can get to yes in any situation. This means asking questions that will help you understand what the other person wants and needs, and then finding

I think it's important to be open to new ideas, even if they may initially seem misguided. Oftentimes, people just need a chance to explain their thinking before we can judge whether their idea has merit. So, the next time someone presents an idea that you're not sure about, try deploying the phrase "That's interesting--

In today's fast-paced world, it's easy to get caught up in the negative and see compliance as a hindrance. However, transformative compliance can actually be a positive force, helping to turn resistance into momentum. By training yourself to ask thoughtful questions and look for opportunities to "get to yes," you can turn a potential negative into a positive. Keep asking for deeper insights until you can find the positive in any situation.

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If you want to be more open-minded in giving and receiving feedback, try adjusting your approach. Your colleagues will notice your commitment and be more likely to connect with you about right-sizing project risk. This will make the process seem less like a chore and more like a necessary step to get their ideas in motion.

At its heart, transformative compliance is about building partnerships rather than simply enforcing rules. Of course, that doesn't mean always saying "yes." Sometimes project teams won't like what you have to say. But by implementing a collaborative process, you can show that your feedback is well-considered and delivered in a spirit of partnership, not gatekeeping.

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If you want to ensure that your project is successful, reach out early and often to identify potential collaboration opportunities. By doing so, you'll be able to tap into a wealth of knowledge and experience that can help you get the job done right.

It's no wonder that compliance teams are often perceived as difficult to work with - when inefficiencies and traditional compliance activities go hand-in-hand, it can often lead to delays in projects and initiatives that are perceived as risky. By avoiding confrontation and leaving the compliance "gatekeeper" out of the loop, teams are often left with no choice but to delay projects or rubber-stamp risky initiatives.

In my opinion, the best COs are those who establish a workflow of meeting with the project team early and frequently. By bringing ideas to the table collaboratively, the whole team can identify goals and risks together, avoiding major project rework at the last minute and the resulting resentment of being seen as the “roadblock.”

If the compliance team has a negative reputation in your organization, it is important to ask a sponsor to help bridge the gap. Audit, Supervisory and Compliance committee members can be great advocates, as their leadership roles have clout across the organization. By working with a sponsor, the compliance team can improve communication and build a better reputation within the organization.

It's important for businesses to get aligned on strategy. By doing so, they can avoid costly mistakes and ensure that everyone is working towards the same goal. Having a clear and

It's important to remember that compliance isn't just about following the rules. It's about understanding the reasoning behind those rules and ensuring that everyone on the team is on the same page. That said, it's also important to strike a balance between explaining the "why" of compliance and getting bogged down in the details of individual regulations.

The compliance landscape is constantly shifting, so it's important to have a team that is nimble and able to adapt. Everyone should be on the same page when it comes to compliance, and while regulations can't cover everything, they provide a good foundation. With the ever-changing landscape, it's important to be able to adapt quickly and conform to new regulations.

The Federal Reserve Board of Governors noted in their July 6, 2022, joint statement on assessing customer relationships that not all customers of a particular type represent a uniformly higher risk. They encouraged banks to use their discretion and risk analysis processes to manage customer relationships and mitigate risks based on customer relationships, rather than decline to provide banking services to entire categories of customers.

When adopting new technology, always keep the client's needs in mind first. digitizing an analog process that doesn't work in a branch is pointless. If it doesn't work offline, it's not likely to work online either. Even if processes have been perfect in-person, the digital environment is a different space, with new vendors, risks and opportunities.

It can take years for a culture to change.

The goal of transformative compliance is to change the way businesses operate to prevent and detect wrongdoing. This shift is hard, and it won’t happen overnight. The ingrained habits of “the way it’s always been done” are difficult to break, even when everyone knows they’re not working. But, with commitment and dedication, transformative compliance is achievable. It will require businesses to rethink their processes and procedures, but the end result will

As organizations strive to do more with less, the concept of transformative compliance has gained traction as a way to help teams work more efficiently and effectively. By definition, transformative compliance is the process of making changes to the way an organization does business in order to improve compliance with regulations. This can involve anything from streamlining processes to adopting new technologies. In order to realize the benefits of transformative compliance

As a compliance officer, you have the unique opportunity to help shape your organization's culture and progress. To do so effectively, it is important to understand the perspectives and pain points of people in all areas of the company, from operations to sales. Only by working collaboratively can you truly revolutionize your organization.

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