Pub. 5 2015-2016 Issue 3

18 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE The bank’s compliance action plan should lead to the development or revision to the enterprise risk management program. SCOTT DAUGHERTY PRESIDENT AND GENERAL COUNSEL COMPLIANCE ALLIANCE Compliance – An Opportunity for a Better Business Model D odd-Frank turned five this year and these last years have been challeng- ing for banks with a myriad of new regulations. Dodd-Frank has been lamented as being the downfall of community banks. Last month I posed the question Com- pliance Burden or Opportunity? This month I would like to talk about compliance opportunity. Over the last several decades banks have seen many changes to how banks operate in various lines of business. Banks have adapted by changing the way we lend money to how we open and handle deposit accounts. Compliance has changed very little over this time; however, the time has come for banks to rethink how they handle compliance.