Top Regulatory Compliance Concerns Management Resources

Top Regulatory Compliance Concerns Management ResourcesTop Regulatory Compliance Concerns Management ResourcesMaintaining regulatory einhaltung is clearly a top and ongoing concern for financial services organizations. But recognizing the issue commonly proves far easier than successfully managing it.To provide insight into the financial sectors top regulatory compliance issues, we asked Richard White, division director of Robert Half Management Resources in San Francisco, to explain what the stakes are if your business is found noncompliant - and how to avoid that possibility.Richard notes the current environment for financial institutions is one of continuous testing, which makes it even mora important - and challenging - to keep pace with compliance mandates. As soon as a bank passes one test, it may face another test right around the corner, says White. He points to the twice-yearly Dodd-Frank Act Stress Tests as an example.Issues of great concern for financial institutionsAcc ording to White, financial institutions should take particular care to stay on top of the regulatory compliance requirements and changes below, each of which can have significant potential financial ramifications1. USA PATRIOT ActOne main purpose of the USA PATRIOT Act is to strengthen U.S. measures to prevent, detect and prosecute international money laundering and financing of terrorism. Failure to comply with the USA PATRIOT Act could result in fines that reach billions of dollars.For quick reference, the Financial Crimes Enforcement Network provides on its website an overview of the sections of the Act that may affect financial institutions.2. Comprehensive Capital Analysis and Review (CCAR)As of March 2015, the Federal Reserve can rule that your organization is undercapitalized. In a worst-case scenario, this could sink your share price catastrophically if investors panic and jump ship, says White.See the Federal Reserve website for more information on the CCAR 2015 Assessment Framework and Results.3. Financial Industry Regulatory Authority (FINRA)Fines for Ponzi scheme detection and other issues could cost your financial services organization $100 million in fines - or more.For an overview of FINRA rules and to access the FINRA manual, go to the FINRA website.4. Consumer Financial Protection Bureau (CFPB)The CFPB, which is responsible for consumer protection in the financial sector, was established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Failure to comply with CFPB rules can result in penalties above the $10 million mark.5. Office of the Comptroller of Currency (OCC)Financial institutions, including national banks and federal branches and agencies of foreign banks, that do not comply with OCC regulations can face millions of dollars in penalties.For more detail on several of the compliance matters listed above, see the Guide to U.S. Anti-Money Laundering Requirements, Frequently Asked Questions from Protiviti.Ke eping pace with changeVigilance is mandatory to help ensure compliance, says White Compliance needs to be a priority throughout the institution. Controls and sound business systems must be in place, and all departments need to stay in communication with each other so that the left hand knows what the right hand is doing.In addition to regularly monitoring and analyzing internal controls and financial systems, and assessing potential risks, White recommends that financial leaders take time toEducate staff. Whether through regular meetings or weekly email blasts, keep everyone who needs to know about regulatory changes up to date. Provide regulatory compliance training, and make sure employees also have access to resources such as industry publications and webinars on relevant topics.Invest in expertise. This includes hiring compliance officers and internal auditors. Engaging specialized consultants with deep expertise in regulatory matters can also help organizations to manage compli ance initiatives more effectively.Learn from others. Keep an eye on competitors Adopt their best practices and avoid repeating their blunders.Noncompliance can damage your organizations reputation as much as its bottom line. Keep your organization in line by identifying and managing risks, staying current with new legislation, keeping open lines of communication with your team, and hiring compliance experts.

How to prep your brain for an early morning workout

How to prep your brain for an early morning workoutHow to prep your brain for an early morning workoutAs a busy professional with a job in the federal government, a side hustle, and a social life, Ive had to get serious about setting up a morning routine that prioritizes fitness.Over the years, Ive adopted a schedule of early morning workouts, as Ive found the only consistently free time I have is in the early morning.For many, choosing to wake up before the crack of dawn sounds crazy.It wasnt easy at first, but my morning workout routine has been a game changer for me. I get to start the day with energy and I have a free evening to do all the cool things on my calendar.Studies show working out first thing in the morning leads to more energy, healthier food choices, and better sleep. Whats not to love?But because the hardest parte is getting started, here are five tips to make that morning workout a reality and eventually a routine.Do a sprint prepHandle morning tasks in the last th irty minutes before going to bed. Set out the coffee mug, pack the gym bag, and iron the work suit. When the alarm sounds, get up and follow a streamlined routine that minimizes the steps between you and the gym. If you can stand it, avoid email in the morning. No need to create more distractions or delays.Set multiple alarmsThe snooze button implies a reluctant start of the day, and the quality of sleep for those few extra minutes is usually poor. Instead, set two alarms one bedside, and one across the room.Physically getting out of the bed, moving around, and turning on the lights (assuming your partner isnt easily disturbed) reduces the temptation to retreat back to slumber.Find an accountability partnerGrab a workout buddy - friend, neighbor, spouse, fellow gym-goer who will text, call, or pound on your door to get you up and out.Or, join a workout meet-up group or online community. I launched a D.C. based boot camp a few years ago, that provides a community for busy young pro fessionals looking to get fit. You can learn more about it here. However, you choose to get that extra support, finding a community will give you an extra push to stay consistent and committed to your morning workouts.Give yourself a breakEven AM workout warriors need a break. If you stayed up late feinschliff a slide deck or catching up on Scandal, give yourself a day to sleep in every once in a while. No big deal. Just get right back to the routine the next morning.Do it graduallyThink gradual steps as part of a long-term lifestyle change. To start, try waking up 10 minutes earlier than normal, putting on your gym clothes, and just stretching.A few weeks later when youve ingrained the new 10-minute routine into your system, set your alarm 10 additional minutes earlier to change, stretch, and walk or jog around the block. Fast forward a few months and youll be up with enough time to do a 45-minute cardio and strength routine.Waking up before the crack of dawn isnt for everyone, but carving out even a few minutes for an AM sweat session in the next few days will give you a feeling of strength, accomplishment, and sustained energy. Strong and sweaty morning workout? Done. Up next? Conquer your day.This article first appeared on Capitol Standard.

Enlisting Recruiters to Support Your Candidacy

Enlisting Recruiters to Support Yur CandidacyEnlisting Recruiters to Support Your CandidacyEmployers may be their clients, but recruiters may push back on behalf of the right job seeker. Heres how that can work to your advantage.Never forget this simple fact about the recruiting industry Recruiters work for employers, not for job seekers. Nevertheless, some recruiters are willing to take a chance on pushing for a candidate who doesnt precisely fit the job-description mold.Take Steven Landberg, for instance. His executive search firm, Claymore Partners, does something better than most of their competitors - Claymore says no to its clients.Actually, the firm positions itself as a strategic partner that is willing to push back. When the client is moving in what Claymore considers the wrong direction or refuses to take their advice, Claymore has made it a practice to end the relationship.The practice allows Claymore, an executive search and recruiting firm based in Darien, Conn., and fo cused on financial services, to offer their clients the best possible service, Landberg said. It also protects Claymores reputation and relationship with the candidates it needs for future opportunities.Landberg, Claymores managing director, said four principles guide his firm in maintaining a proper relationship between the executive search firm and its clients and lets Claymore say no when it must.1. Be a strategic partner, not just a vendor.Its difficult, if not impossible, for a recruiter to be effective if theyre treated simply as a vendor, Landberg said. They might get lucky flinging warm bodies at companies with open positions, but the quantity approach doesnt benefit anyone in the long run.For us to be effective, we insist on knowing not just the skills and qualifications needed, but the value proposition for candidates who might join the organization, he said. Why is the position open? What is the next logical upward move from that position? What is the culture of the organ ization ? Why would a candidate want to work there?Landbergs firm insists on holding thorough intake sessions with each of his clients before he begins any search, and hes refused to work with job seekers who are opposed to this practice.This information can be helpful when guiding the job seeker through the interview stage.It has to be a collaborative relationship with in-depth intake sessions, ongoing reviews, open communication and feedback, so we are constantly refining and targeting what were looking for. One long-term client had a number of positions open, but they refused to do these intake sessions, so we said we werent going to even attempt to begin a search.2. Insist on a fair, respectful and positive candidate experience.Regardless of the economy, top-quality candidates are always in demand, Landberg said, and its as important to develop a strategic partnership with job seekers as it is with hiring managers.The experience candidates have with you and your client impacts t heir interest in joining that organization now and in the future, as well as when they interact with other potential candidates and other organizations, he told Ladders. Landberg said he has been shocked at the treatment some candidates have received at the hands of his (now former) clients.Over the last two months weve gotten rid of clients we felt were treating candidates poorly, he said. That creates a culture of negativity - one bad experience reaches many more people than a good experience does, so it affects their reputation as well as ours as a recruiter. We demand courtesy and respect from our candidates, and it should be no different with our clients.3. Create and use a feedback loop.This is closely connected to the development of a strategic partnership with clients, Landberg said. Constant feedback can help recruiters refine their approach, change their search parameters and make sure theyre delivering the best candidates to their clients and finding the greatest opportu nities for job seekers.In addition to soliciting feedback from clients after candidates have interviewed to learn how closely that candidate matched the clients needs, Landbergs firm performs candidate surveys two or three times a year. We publish those results and input back to the candidates, to the HR community in general and to our clients specifically, so everyone is on the same page and is aware of what the hot-button issues are.4. Dont be afraid to walk away (or to tell your candidates to do the same).If we dont think a clients position is a great opportunity for the candidate, we will tell them that, Landberg said. Were not afraid to stop doing business with clients whose hiring and zurckhalten practices werent in the best interest of our candidates.This approach sounds harsh, but as a niche firm, Landberg and his staff aims to develop long-term, strategic relationships with a small number of clients, all of whom are leaders in their field.If they arent treating candidates w ell, that doesnt speak highly of their leadership qualities and their ability to attract and keep employees.