The Board of Governors of the Federal Reserve System has traditionally defined compliance risk as “the risk of legal or regulatory sanctions, financial loss, or loss to reputation a bank may suffer as a result of its failure to comply with all applicable laws, regulations, codes of conduct and standards of good practice.” To ensure adherence with the governing laws and regulations, most banking institutions have an enterprise compliance program/framework in place; this framework generally consists of the following elements – Standards and Procedures, Governance (Oversight), Training, Enforcement, Monitoring (Testing), and Corrective Action Reporting.

1)   Standards and Procedures – Written policies and procedures are essential to the organization’s establishment of guidelines for associates to follow to remain compliant with the governing laws and regulations.  The polici

The world we live in today is more complex than ever before. The radical changes and advancements in today’s society are quickly changing how people work and live. In order to efficiently guide people through a change, organizations and groups often elect a Change Agent. A change agent is someone who alters human capability or organizational systems to achieve a higher degree of  self-actualization or output. In reality, a change agent is anyone who is passionate about a particular type of change and actively participates in the change in order to meet a set of objectives. This is no easy task because people inherently do not like change and will resist it, especially if they do not see any personal benefit. An interesting group of people that act as change agents are public figures and celebrities.