About The Client

This bank had 7 branches through out Southern California and was about 25 years old. At the start of 2020, their Compliance Officer left the Bank. In addition to feeling the pain of a tightening budget, they now had to replace the Compliance Officer during the pandemic.

In addition to the challenges brought by the pandemic, the scarcity of compliance talent in the market place became a reality. The Bank knew that they had to replace their compliance officer quickly to avoid regulatory scrutiny.

The Client’s Challenges

  1. A Shrinking Talent Pool: The scarcity of compliance resources made it nearly impossible to find a qualified compliance officer.
  2. Extreme Competition For Talent: Old and new players were fiercely fighting for talent (FinTech, Crytpocurrency; Investment Firms; Marijuana Industry, etc).
  3. Growing Definition Of Compliance: The Bank wanted a compliance officer with a larger skill set than they could afford.
  4. Had been searching for 12 months with no luck: Even with the Bank’s network and talent scouting, no suitable replacement could be found.

Accume’s Approach

  1. The Accume Partners Virtual Compliance Officer: A team of senior compliance professionals who can provide regulatory compliance strategy, guidance, and oversight. The VCO will do the work needed to build, implement, and manage your organization’s compliance management.
  2. Accume’s Virtual Compliance Officer program offers clients an entire field of talent. By engaging with Accume, clients take advantage of our wide talent pool without having to hire individual experts.
  3. Our Virtual Compliance Officer program has the advantage of affordable scaling up or down, in order to meet client needs.
  4. Accume provided subject matter experts that had deep knowledge in the bank’s compliance needs.

Outcomes

The Bank was highly satisfied with Accume’s solution. Firstly, the VCO helped the bank to meet regulatory expectations. The VCO filled the organization’s hole almost immediately, and saved the bank hundred’s of thousands of dollars. Rather than hiring multiple compliance professionals, the VCO flexed based on changing regulatory requirements. By reallocating saved funds, the Bank funneled resources into business development and growth.

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