Compliance professionals can be a really fun group, right? We have a reputation of picking apart ideas or products and are often viewed as the “anti-sales” department. To all of the compliance professionals out there, I am going to offer a challenge to you: Be the “can do” department, not the “can’t do” department.
In my recent travels, I have had the opportunity to reflect on regulatory compliance and my career. In the beginning, I was the technical expert who would torpedo projects with a single recitation of a rule. Where I erred was that I did not truly understand what the goal of the project was; I just said no, you can’t do that. As I have matured in the compliance area, I have had to accept the constant of change. That is hard for many of us. We like things to be the same, and we like to be the expert. What I find most frustrating is that I no longer am the expert in all areas. I find myself researching more and reaching out to my compliance compatriots to figure out complex issues.
As banking is changing, so are the products, delivery methods, and uses. Most of the regulations are changing faster and becoming more complex. We have to become a resource for and partner to our financial institution leaders and help guide them to the desired end. I was reminded of a great saying: ”Start with the end in mind.” What is the desired result of the new loan or deposit product, and how can we support that end? Can you imagine your senior team looking at you when you say, “I think that’s a great idea! How can I help you implement that?” That’s the “can do” attitude.
If you want to be the “can do” department but need help in understanding the nuances of the regulation that will help to guide your financial institution to its desired end, you can call on us. That is why we at Wipfli developed the wipfli.com/compliancehelp email subscription service. We love the questions, but most of all we love making you a “can do” department.