Communicate Effectively to Implement Compliance Programs

Naples, FL resident Kara Down is an experienced project manager in the financial industry. Having been part of Wells Fargo’s implementation team, Kara Down of Naples, FL, worked to ensure regulatory compliance of the firm’s business units. 

The financial world has seen an increase in regulation since the last financial crisis, precipitating a change in how industries deal with compliance. More banks are implementing compliance programs and requiring ongoing compliance updates. However, compliance programs are only good if they are implemented successfully. The key is effective communication. 

A successful compliance program must first be communicated to its end user - employees. Compliance officers must consider the organizational staff and include them in implementing the compliance program. A good strategy is to bring employees together, highlight the regulatory environment necessitating compliance, discuss some of the existing regulations, and identify the internal procedures and practices that fall within the applicable regulations. At this point, the new compliance measures can be introduced.

Compliance officers should reinforce the compliance measures by including them in the organization’s internal policies and important documentation. Afterward, staff should be trained on effective implementation of new compliance practices. Regular evaluations to find out how implementation is faring and doubling down on high risk areas should also take place. The goal is to make compliance an integral part of the organization’s culture.