Training the Board of Directors

It’s no secret that training is crucial to maintain an effective Compliance Management System (CMS). In fact, it is one of the pillars of your “house of compliance”. Training should include your entire team, including your Board of Directors. The Board is responsible for ensuring your bank’s overall compliance with laws and regulations. They are not the “doers” in your bank. Thus, Board training should be more of a 10,000-foot view. Tell them “what and why” but don’t get into the weeds with all the technical details. For example, your Board needs to know when and why you file Currency Transaction Reports (CTRs), but they don’t know how to complete the CTR form.

David explains more in the video.

Video Highlights:

• Engage your Board members in the necessary compliance training.
• If possible, have time at every Board meeting for training and make yourself available to give a quick briefing.
• Give the Board the "what and why" and look over Board minutes after they have been prepared.
  
  

Published
2023/09/28