The Challenge

A financial services institution faced a sudden gap in their compliance officer position. The company’s compliance officer unexpectedly resigned, leaving the company scrambling to maintain regulatory compliance.

SCA to the Rescue

The institution contacted SCA on a Tuesday, urgently needing help. Within days, this institution was onboarded as a Client of SCA, and our Senior Compliance Officer Rob Ellis was placed as the interim acting officer. A quick assessment completed by Rob, a seasoned compliance officer, revealed a critical issue: the company lacked a robust and functioning Compliance Management System (CMS).

Building a Stronger Foundation

Over several months, Rob took decisive action and:

• Revamped Policies and Procedures: Established more rigorous policies and procedures, ensuring clarity and adherence to regulations.

• Transformed Training: Completely overhauled the training program to better equip employees with compliance knowledge.

• Conducted Risk Assessments: Implemented a comprehensive compliance and fair lending risk assessment, identifying potential weaknesses.

• Instituted Monitoring Programs: Established a risk-based compliance monitoring program to proactively identify and address issues.

• Established Fair Lending Practices: Instituted fair lending monitoring and created a dedicated committee to oversee fair lending and overall compliance.

Mentoring the Future

While strengthening the program, SCA recognized the Client’s need for a permanent compliance officer. The search resulted in a promising candidate, but with limited experience. SCA stepped in again with Rob’s assistance to mentor and train this individual.

Success Story

Over the next year, SCA meticulously mentored the new officer, equipping them with the necessary expertise. The program transitioned smoothly, with the new officer becoming the full-time compliance officer.

Long-Term Impact

SCA's swift intervention not only filled the immediate gap but also significantly improved the Client’s compliance program. Today, the program operates with a robust CMS, a well-trained staff, and a dedicated compliance officer. SCA's ongoing support ensures the program's continued effectiveness, with only occasional consultations to address any questions.

Key Takeaways

This case demonstrates the value of a strong compliance partner like SCA. It can provide:

• Emergency Response: Rapidly address critical staffing gaps while maintaining compliance.

• Program Enhancement: Help build a robust and effective Compliance Management System.

• Knowledge Transfer: Mentor and train future compliance officers, ensuring long-term program sustainability.