Pub. 6 2011-2012 Issue 5

January/February 2012 17 Extraordinary Service for Extraordinary Members. Financial institutions only have two options to prepare for the onset of Dodd-Frank-related rules: 1) identify internal personnel who have the experience, skills, and time to plan and manage these compliance mandates, or 2) outsource compliance management to a third party that provides the expertise to advise on changes in rules and regulations. In order to survive the onslaught of new rules, increased operational complexity, risk, and regulatory requirements under Dodd-Frank, many community banks are choosing to outsource and use the expertise of a third party to suc- cessfully navigate the tricky compliance environment. But how can a bank know who to trust? Enter the Compliance Alliance. Not only does the corporation offer more than a compliance officer, but it also provides services for a fraction of an officer’s would-be, full-time salary. What Compliance Alliance Subscribers Are Saying Compliance Alliance may be a new corporation, but the results have been overwhelmingly positive thus far. Here are just some of the many positive reviews coming in: “As the compliance officer for a small community bank, I wear many other hats besides compliance—[and] with the increasing compliance workload, it’s necessary to have com- pliance support that I can count on. Compliance Alliance has already helped us review new products and marketing. The daily email updates with alerts, forms, and matrices are one of the first items I check eachmorning. Compliance Alliance is truly a great value for our bank!” “Compliance Alliance supplies valuable information in a concise, easy-to-follow format that provides the necessary tools for compliance officers to conquer the regulatory maze. The staff is helpful and friendly, and I can’t imagine navigat- ing Dodd-Frank without them.” “There is an enormous amount of help and guidance with Compliance Alliance membership. Compliance Alliance un- derstands the demands posed by compliance issues and the time involved with achieving compliance.” Compliance Alliance Staff Brings Experience, Understanding Compliance Alliance is staffed by six veteran employees who combined have more than 80 years of experience in Q Regulatory Burdens — continued on page 18 Compliance Alliance: The Solution Compliance Alliance is ideal for bankers who want easy-to-find, up-to-date, baseline compliance information. Here are some of the components of its services: • Policy, procedure, and process development and templates • White papers interpreting new laws, regulatory guidance, regulations, and rules • Compliance calendar • Cheat sheets and matrices • Best practices guide • Interactive website with federal and state laws, regulations, and rules • Review of advertising and marketing materials • Evaluation and analysis of new products and services for compliance implications • Training tools • Monthly compliance webinar • Monthly compliance newsletter • Enforcement actions • Opinion letters, legal opinions, supervisory memorandum, and FILs from regulatory agencies • More to come, as demands increase