How Many Hats Do You Wear?

A Security Officer who is also known as a Compliance Officer, a/k/a a Bank Secrecy Officer, a/k/a Auditor could be in big trouble with the examiners.

The regulators are starting to object and write up financial institutions who are taking advantage of personnel cut-backs by piling too many responsibilities on the same individual.

An easy rule of thumb passed on by an examiner?if an individual with regulatory accountability has to "audit" themselves, the two functions should not be on the same employee.

Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 7, 7/98