Annual Director Training Requirements
Adam uses this Compliance Clip (video) to review the annual compliance training requirements for directors - or lack thereof. That said, there are a few expectations regulators have had for director training, and Adam explains some of these topics and reminds viewers of a few annual reports that do need to go to the board.
For those interested in compliance board training, we have two programs that may be of assistance:
Video Transcript
The following is a transcript of this video.
This Compliance Clip is going to discuss what training is required for directors on an annual basis. So the question we have at hand is, “What annual compliance training is required for Directors?
If you're a Compliance Officer or somebody responsible for compliance training, you may wonder what compliance training is required for directors on an annual basis. Well, the answer, of course, is not very clear so let me explain this. First of all, there really is not a specific requirement for annual training for directors related to compliance regulations. There's a couple things you have to keep in mind. Of course, there are some annual reports that are required to go to your board. Things like your information security program needs an annual report, and also things like your ID theft red flags program need an annual report to the board. And there are other things where your directors need to have training at some point.
For example, all of your directors should be trained to understand the Bank Secrecy Act and your BSA/AML programs in your organization. That said, as far as annual training, there is really no specific requirement for compliance annual training. That said, we see regulators expect it in a couple of areas. It's not necessarily a requirement, but they expect it based on risk in organizations. And two of these areas include the Bank Secrecy Act and, oftentimes, fair lending. So these are two areas that we see the regulators pushing to have regular compliance training for your board of directors, both in the Bank Secrecy Act and in fair Lending.
You may be wondering, do I really need to train on this? I've done this in the past, I need a fresh voice, or how can I do this differently? Well, we do have a couple of programs available to you if you're interested. We have two programs for directors specifically. We have our BSA Training for Board of Directors, and we also have our Fair Lending Training for Board of Directors. In the future, we hope to get some more director training programs. In fact, if you're interested in a specific topic, let us know. We may be able to put that together for you. Otherwise, these are the two programs that are available that can really help you through your director training this year.
So if you're looking for some assistance on director training, wanna change things up, wanna try something a little bit different, we've got a couple of programs for you available that you can view in our store at www.compliancecohort.com.
The bottom line is there's really not a specific requirement for training per se, but your directors really need to be up to speed on things like the Bank Secrecy Act and Fair Lending. Well, that's all I have for you today.