When I have free time, I like to decompress by having people over for a board game night. It’s a great way to get my brain working differently while also fitting in social time. Tonight, I’ll be debuting the latest addition to my shelf. The game we will be playing is complex, with a variety of game mechanics, rules and strategies to manage. The time it took me to figure out the rules and how I was planning to explain the game was far longer than the amount of time we will be playing tonight. But if I can make sure we all understand the game, this investment will pay off — we will have a great night playing this game and possibly many more in the future.
Explaining a board game to a new audience is harder than you’d think. It’s not just about outlining the broad contours of the game; I also need to develop the theme and cover every possible strategy, while anticipating exceptions to the rules and validating the questions players ask. Over the years, I have learned that delegating simple setup tasks to players while I talk about the game draws them into the game (while also speeding up setup). When players recognize what their goals are, everything else comes together — which is why my full understanding of a game before bringing it to the table is so important.
As you have probably already inferred, this is not only about playing board games. The compliance function at financial institutions continues to increase in complexity. Staying up to date on rules, regulations, and their associated commentary and best practices, while also dealing with technological advancements and evolving regulatory expectations, can be a lot of work. Much like with a board game, truly understanding the multitude of regulatory requirements requires the ability to see the big picture, manage risk, identify the known and anticipate the unknown. Whether it is a risk assessment, a compliance engagement, specialized training or assistance with day-to-day compliance questions through ComplianceHelp, Wipfli is here to help with your compliance challenges today and can work with you to achieve your future strategic goals.