Compliance Benchmark Survey for Community Banks
In 2015, PKM issued a survey to gain perspective on the regulatory compliance landscape and offer helpful ideas for effectively coping with some of the key compliance issues impacting the community banking industry. With two-thirds of respondents from institutions with less than $500 million in assets, we were able to gain a true community bank perspective.
A few key takeaways from our study were:
- There is value in maintaining collaborative regulatory relationships and there are plenty of ways to enhance the current ones you have.
- Given the “earthquake” the industry endured five or six years ago, more banks are implementing solid risk management programs and appear generally more confident in their institution’s ability to cope with these risks.
- There are a wide array of customizable tools and resources available for the identification, measurement and management of compliance risks which makes protecting your bank more practical and affordable than ever before.
- Senior management holding a ‘seat at the compliance table’ and being actively involved in managing and monitoring risks is considered one of best practices of high performing institutions.
- Overall, as an industry most bankers are starting to better understand the bigger picture as it relates to their risk management and compliance efforts and have a positive outlook for the future.
Download the white paper to read the full report.