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Compliance officers and the Board

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Question: 
If the board is ultimately responsible for compliance, what is the compliance officer’s role?
Answer: 

The compliance officer is where some of the rubber meets the road. He or she is the conduit between the board and examiners. One of the compliance officer’s key roles is to ensure the board is never asked to a special meeting with the regulators after an exam, and told to bring their checkbooks. The compliance officer manages compliance for the board.

First published on 08/28/2022

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