Insights

Always Being Watched

Always Being Watched


May 16, 2017
Financial Institutions

I had the pleasure of joining my daughter’s 7th and 8th grade classes on a dual bus trip to Washington, DC, this April. Although I had been to DC many times for the AICPA’s annual National Conference on Banks and Savings Institutions, I had never visited any of the historical attractions. When my wife originally asked me if I wanted to go on this trip, I thought only about finally having the wonderful opportunity to explore our country’s history. I definitely didn’t consider the 14-hour bus trip full of 7th graders and moms. You’d be amazed by the amount of snacks they brought!

From the time we arrived in DC on Friday night until we arrived back at the school at Tuesday morning, we marched to the tune of approximately 20,000 to 22,000 steps (10 miles) a day, as measured by at least 10 Apple watches or Fitbits (and this numbers freak)! Being the competitive accountant in the group, I attempted to win the step game even though my feet were completely numb for three days!

We visited more than 20 amazing historical attractions. Each and every one made me think about our country’s history and truly appreciate all the wonderful blessings that I take for granted and that our government and soldiers provided and paid the ultimate price for! If you have not already experienced these astonishing historical attractions, I strongly recommend you to take the time and experience all this history.

Our country and government are always up to something and that something is likely going to affect our financial institutions at the forefront. In preparing for our walk around the Korean Memorial, which is 19 stainless steel statues of all types of soldiers, from a radio operator to the squad leader, of many different races, the tour guide said that there was no point anywhere around the memorial you could stand without at least one soldier having his eye on you! Of course, the auditor in me had to test this assertion, and I found that she was absolutely correct!

I couldn’t help but think about how this absolutely relates to our jobs. Any one of three or four regulatory agencies for our financial institutions is always watching! Regulatory examinations are generally very positive these days, but the cost of disruption to operations can be very significant when violations and regulatory orders occur. At Wipfli, we have a comprehensive and very specialized team of professionals who can guide your institution to help control your regulatory compliance costs and greatly minimize regulatory examination disruption. Contact your relationship executive today. We are always happy to help.

Author(s)

Michael Brown
Michael Brown, CPA
Partner
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