When it comes to addressing directors' growing obligations under the financial services industry's increasing compliance mandates, Pam Perdue, EVP of regulatory insight for Continuity Controls, outlined a very simple rule: Noses in, fingers out.
“It's a good thing to be a nosy director,” Perdue told attendees of the New Haven, Conn., financial technology firm's webinar, “Board and Executive Oversight — Examiner Expectations.” “If you're not ready to ask why, why, why, then you're not doing your job as a director.”
Directors must understand both their roles and legal liabilities when it comes to assuring that their financial institution is operating in compliance with the burgeoning number of regulatory requirements facing the industry today. That's the “noses-in” part, Perdue, a former examiner, told participants in the Tuesday webinar.
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