Westbury Bank
Maintaining compliance during organizational change
Westbury Bank needed a steady and capable partner to prepare for a compliance examination and fill critical talent gaps.
.jpg?rev=bd841abf8c0e4f468dbdedf2341062c6&hash=97F5800D16A6A9A9FE2C30E9B634D4EA)
.jpg?rev=99a9d96385cb41fcb5dc599c7682ba1b)
The Challenge
Over a 12-month period, Westbury Bank experienced several staffing changes in its compliance department. The compliance officer was planning to leave — just as examiners from the Office of the Comptroller of the Currency (OCC) were coming. The bank reached out to Wipfli for support and guidance, and the firm created a multi-step plan to sustain compliance, fill critical talent gaps and prepare for the OCC examination.
The Solution
Wipfli helped by:
- Serving as a temporary, outsourced regulatory liaison between the OCC and the bank.
- Going on-site during the examination to field questions and provide requested information.
- Supplementing the bank’s compliance support team to sustain the personnel, processes and controls that were already in place.
- Helping when a new compliance officer was hired with the transition and providing recommendations for future enhancements.
Regulators don’t want excuses; they want solutions. With confidence, we reached out to Wipfli and engaged their expertise to create solutions that would see us through a complex situation. Thank you, Wipfli, for taking on a not-quite-normal challenge and delivering so well.
.jpg?rev=0938c33f1c5b4f68a813294273ab8f40)
The results
Westbury Bank completed the examination successfully and was able to maintain appropriate compliance management and oversight during a period of organizational change. Leaders also gained peace of mind knowing that Wipfli was helping with day-to-day compliance monitoring and testing.
