relationships, conduct audit and performance reviews, and require third parties to provide data that confirms the quality and sustainability of controls to meet service agreements. What’s an appropriate change management strategy for community banks? Each regulatory scenario described above warrants a course of action specific to that issue. For example, regarding the enhanced consumer privacy laws, banks should revisit privacy disclosures, notices, and policies within the states they operate. More holistically, banks can manage all the impending regulatory changes following these three steps: 1. Monitor regulatory proposals and changes through industry groups and trade associations. Seek clarification and/or assistance from trusted partners outside of your organization. In addition, involve your operations, technology, and compliance staff to gain a comprehensive view of any potential changes. It is also prudent to communicate with your Board and senior staff and to document your regulatory discussions in Board minutes. 2. Designate an internal stakeholder to implement/monitor regulatory changes. This stakeholder can also conduct testing after implementation to ensure the process and related controls are operated as intended in addition to documenting your bank’s change in management efforts for subsequent review by external parties. 3. Partner with an external regulatory expert. Staying current with newly implemented and/or potential regulations requires time, expertise, and deep industry knowledge. An external overseer can advise on necessary regulation and compliance issues, giving banks the freedom to focus on serving their communities. For more information about compliance and regulatory solutions, contact Keith Gruebele at KGruebele@bhg-inc.com or (954) 263-6399. 2023 MIB IMPORTANT DATES January 20 ICBA Convention Scholarship Application Due January 31 Membership Renewals Due March 12–15 ICBA Convention in Hawaii March 22 Washington D.C. Advocacy Scholarship Application Due April 3 Board Meeting, Fairmont Hot Springs April 30 Graduate Banking School Scholarship Application Due May 14–17 ICBA Washington Policy Summit May 23 Ag Conference, Northern Hotel, Billings June 23 Outstanding Young Banker Award Nomination Due June 25 Deadline for Room Reservations at Big Sky July 26 Board Meeting, Big Sky July 26–28 Annual Convention and Trade Show, Big Sky November 1–2 Women in Banking Conference The Community Banker 27
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