you dont need a weatherman to know which way the wind blows

#You dont need a weatherman to know which way the wind blows professional#

Why? Because all the other elements of your Compliance Program should be mapped to and driven by them. Identifying and maintaining a library of laws, rules, regulations, standards, guidance, and internal obligations that apply to your business model is of primary importance.

And emerging risks related to Environmental, Social and Governance (ESG) issues, the digitalization of everything, cryptocurrencies, third-party oversight, and others beg the question of whether your compliance staff will be able to keep your institution up-to-date with all that may apply to your products, services, locations, and customers.įor example, a financial institution is no longer going to be easily forgiven for spending lavishly on improvements to customer-facing apps while their compliance department relies on using spreadsheets, free apps, and emails to ensure the institution is properly protecting those same customers and the institution itself.īut where to focus first? In my experience, RCM. You have seen and heard in publications, speeches, and actions by banking industry regulators that financial institutions are expected to mature their CPM processes using artificial intelligence and automation, especially as they grow in size and scope. Be that as it may, here is the connection. I can recite every verse-but I have trouble recalling what I had for breakfast this morning.

#You dont need a weatherman to know which way the wind blows professional#

(As published in ABA Bank Compliance magazine)Īs a compliance professional of a certain age, this familiar line from Bob Dylan’s hit song, Subterranean Homesick Blues, really speaks to me about where we are inexorably headed when it comes to Compliance Program Management (“CPM”) in general, and Regulatory Change Management (“RCM”) in particular, within the financial services industry.įirst, an interesting personal tidbit about that song.