LAS VEGAS (10/29/14)--Compliance officers at credit unions are tasked with keeping their institution in line with current regulations, but they can find themselves needing protection as well.
Barry Thompson, a fraud consultant, hosted a session Tuesday at the Credit Union National Association Bank Secrecy Act (BSA) Conference highlighting a few ways compliance personnel can protect themselves.
Thompson said one of the most important things a compliance officer can do is to keep their own account of an incident, along with any official reports that must be filed with a credit union and/or a regulatory agency.
|Fraud expert Barry Thompson gives tips on how compliance staff can protect themselves at the CUNA BSA Conference. (CUNA Photo)|
"In my personal records I would write down who was there when it was happening, why it happened, where it happened," he said, adding that personnel should discuss legal and ethical ramifications that are applicable in the state. "It's awfully easy to sit here at a conference like this and say what you would do, but it's much different when you're sitting in your office and something starts to happen."
Thompson told several stories from his experience where he benefited from having a personal, detailed account. In one instance, he was called into court to testify on a meeting with a potential client three years after the meeting, and his notes allowed him to recall exactly what had transpired.
He also gave several tips for maintaining personal records, which have the potential to be seen by an institution's board of directors, management, regulators and courts, including:
The conference, sponsored jointly by CUNA and the National Association of State Credit Union Supervisors, continues today.