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Three ways to manage regulatory volatility

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Pam Perdue Pam is a distinguished regulatory expert with over 20 years of experience in compliance. In her career, Pam has served as a chief compliance officer, an educator and consultant for … Web: www.continuity.net Details Community financial institutions (CFIs) saw some regulatory relief last quarter, but by itself, the slower pace of enforcement doesn’t signal a reason to celebrate. The reality is that the sustained increase in regulatory volatility may be making compliance harder for some institutions.According to Continuity’s Banking Compliance Index, regulatory agencies issued just 150 enforcement actions against financial institutions last quarter, dropping the enforcement rate below 10 percent for the first time since 2014. Yet, just two quarters ago, the enforcement rate hit a record high of 12.9 percent.The swing is indicative of an increasingly unpredictable regulatory climate. After several quarters of large and steady increases following the financial crisis, the number of per-quarter regulatory changes issued since 2014 has varied from 125 to 61. The number of full-time employees needed to manage the changes each quarter has ranged from roughly one to nearly three. Trying to manage resources appropriately in a climate that varies so much each quarter can be maddening for even the best-run institutions.The fluctuations are due, in part, to the fact that CFIs aren’t the only ones playing catch-up. Regulators are still incorporating new rules into their evaluation processes. As such, they may be temporarily less likely to crack down on CFIs that are struggling to do the same. The upcoming elections are also having an impact – as lawmakers slip into campaign mode, they may be less focused on regulatory initiatives. Similarly, the Federal supervisory agencies also tend to take a “wait-and-see” approach during election cycles. Some agencies, like the CFPB, are finding themselves under fire, making their future rulemaking and enforcement postures tough to predict.How can CFIs best adapt to this new environment? The following three steps can help.Rethink traditional staffing models. A volatile environment makes compliance staffing a challenge. While your team might be sufficient one quarter, its members could quickly become overwhelmed the next. CFIs can build in more flexibility by embracing alternatives to traditional staffing. Consider part-time or contract workers to outsource some duties. Also explore compliance management systems that leverage technology and automation and can better flex up and down with conditions, to deliver compliant outcomes more effectively.Systematize. Many CFIs still don’t have standardized compliance processes in place, handling each regulatory change manually and individually. This approach might be sufficient in extremely slow quarters, but it will likely cause significant problems during periods of rapid change. For example, many institutions are being cited for violations of decades-old regulations because, while trying to keep up with new changes, old processes are falling through the cracks. Technology is often the best solution. Established procedures, automation, and reporting can lighten workloads as well as reduce the potential for human error.Allocate adequate resources. Despite a more sporadic pace of new regulation and enforcement, the regulatory burden is nonetheless cumulative and increasing. Even in slower quarters, absorbing dozens of new regulations is no easy task for a credit union. Yet many institutions continue to treat compliance as an afterthought, or as something that will disappear “if only” there’s a new administration or “if only” complex rules get unwound.  Relying on such hopes, especially when they’re unsubstantiated by the data, is bound to create problems.Most experts agree that CFIs are likely to see their regulatory burdens grow for years to come. Even if cumbersome rules get modified or repealed, that will only mean more work to “un-do” what was previously implemented. On the bright side, institutions that have adapted to this reality—by hiring compliance officers, adopting compliance management solutions, and leveraging technology—are well positioned for success.As the regulatory environment remains in flux, it’s more important than ever for CFIs to re-examine their compliance processes. Institutions that take the time to put repeatable and trackable (or reportable) processes in place will be better able to cope with change, whether it comes slowly or all at once.last_img read more

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With the synergy of the public and private sector in Pazin, united in creating a new tourist offer

first_imgAll interested stakeholders from the area of ​​the City of Pazin and the narrower part of the Central Istria Tourist Board gathered in Pazin to work together to determine what makes Pazin unique. Workshops were held with the aim of designing a four-day tourist itinerary, and this is the next step in the implementation of the I-Archeo.S project.Namely, in January this year, the European project I-Archeo.S started. worth 1.176.243 euros, which includes six partners, the Abruzzo region, Teatro Marche from Ancona and Teatro Pubblico Pugliese from Italy and the City of Pazin, the Poreč Public Open University and the City of Crikvenica from Croatia. All six partners committed to work on the valorization of natural and cultural heritage and sustainable economic development by June 2019, when the project is implemented, with the aim of creating a concrete, innovative and sustainable tourist product, all outside the tourist season.The workshops were attended by all interested stakeholders from the area of ​​the city of Pazin from various cultural and tourist sectors, both public and private, who applied for the Public Invitation. During the two-day workshops, the workshops aimed to introduce the stakeholders to the I-Archeo.S project and to start designing a four-day thematic itinerary as well as forming a public-private cluster.At the beginning, the participants were introduced to the strategic guidelines for the development of tourism in Central Istria and the analysis of territories: special features of the territory, benchmarking and existing offers. On the first day, in addition to presenting the offer of stakeholders, they discussed the numerous, but still insufficiently recognized advantages of Pazin and how to make the best use of them. The second day for the workshop participants included the task of devising several topics for a tourist itinerary, which was then analyzed. The formation of the cluster and the design of the thematic itinerary will be worked on until the next workshop, which will be held in July and during which cooperation agreements will be signed.The new tourism product will be presented to tour operators in February 2019 to get acquainted with their content as well as the mobile application that will be realized within the project and which will serve as a form of promotion of Pazin tourism and a new itinerary. At the next workshop, to be held from 9 to 11 July, stakeholders will define the final thematic tourism itinerary. All those interested in participating can still get involved by responding to the invitation that will be published on the website of the City of Pazin.Get involved, because only with the synergy of the public and private sector can we achieve success, and they are well aware of that in Istria.last_img read more

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Hall’s last-ditch strike lands Bakewell Topp XX Mash Cup and $600,000

first_imgBy Joe ChapmanA virtuoso last-ditch strike by Keon Hall blew open a likely stalemate to propel his side, Bakewell Topp XX, to their second successive championship win over Coomacka to silence a partisan crowd as they won $600,000 and the Jermine and Family Linden MASH Cup football championship at the Mackenzie Sports Club ground.When these two teams clashed at the same venue in the recent Upper Demerara Football Association’s year-end Christmas championship, Topp XX prevailed on penalties 3-1 after a 1-1 stalemate in regulation and overtime play.Meeting in their second straight final, Topp XX were first out to fire a shot towards the Coomacka goal in the fourth minute of play, but Coomacka then made their way down the right to see a cross by striker, Shaquille Frank, which was cleared by the Topp XX goalkeeper, Gregory Hinds, three minutes later.Frank, who was acquired through the transfer window from Haynes and Lewis Winners Connection would torment the Topp XX defense constantly and one such would see his shot go wide and another crashing on to the cross bar as Coomacka pressured their opponents.However, an ugly incident occurred in the 25th minute when Coomacka’s Michael Schekia was sent off after he reacted to his foul call committed against Topp XX’s Tony ‘Spirit’ Adams, by using foul language which was picked up by the referee, Sherwin Johnson.Instantly, referee Johnson sent him packing and this created a furore that sparked a halt to the game for 15 minutes.Just before play resumed, the vocal Coomacka crowd, incensed by the decision, hurled missiles which cause the Topp XX substitute bench to exchange positions from their western end to the eastern end with Coomacka .In the 30th minute, there was an anxious moment from a Topp XX corner kick as the ball moved from the right side and ran free as no player was there in the goal mouth.A free kick in the 42nd minute taken by Coomacka’s new acquisition, Marmalaque Davidson, was effectively punched away by an advancing Hinds in Topp XX goal. The first half eventually ended on a scoreless note.Topp XX began the second half again targeting their opponents goal where Kellon ‘Clean-Sheet’ Major was the custodian, but the move inside right was a poor one three minutes into play.Once again, the gangling Shaquille Frank released a shot but it was away to the right side of the Topp XX goal.In the 52nd minute of play, Topp XX’s lanky forward, Tony ‘Spirit’ Adams darting down the left flank, was fouled in the box. Surprisingly, the experienced Topp XX player, Travis Waterton, took the spot kick from 10 yards out and sent it wide of its mark, much to the astonishment of those watching.But Coomacka once again came forward as Frank harassed the Topp XX defenders and it was the good anticipation by their goalkeeper, Gregory Hinds, in the 56th minute that nullified that attempt.Ten minutes later, the momentum changed as Topp XX challenged everything thrown at them; they were able to force Coomacka’s Kellon ‘Clean-Sheet’ Major to bring off a good save.But in the process, Major seemed to have been injured and this brought about another stoppage, this time for nine minutes, and it appeared that Major would be substituted. But the courageous man between the uprights for Coomacka remained to the end of the game.In the 71st minute, Topp XX were unable to put themselves into the lead after a very good chance went abegging again as the ball ran free from a nice cross in the goal-mouth area.There were two more chances for Coomacka from close range in the 78th minute. And a Shawn ‘Dash’ Daniels shot connected to the hands of Major in goal and deflected on to the cross bar in the 87th minute as Topp XX were on the offensive.Then came the decisive strike. From the midfield in the centre, the ball was sent by Ryan Noel across to the oncoming Keon Hall on the right wing and with a couple of dribbles, despite the ball bouncing high, he blasted a volley that zoomed past a beaten Major to score and spark celebration among Topp XX’s loyal in the 90+4th minute.This was the sealer for the game as the final whistle was blown with Topp XX winning 1-0.Earlier in the day, Botafago again had the better of Haynes and Lewis’ Winners Connection as they ran over their opponents. Antoine Gill got a brace in the 66th and 71st minutes of play while the others came from Jamal Haynes in the 17th, his brother Shane in the 29th and Jashawn Moore in the 69th minutes.Botafago had also beaten the Winners Connection for third place in the recent Upper Demerara Football Association’s year-end Christmas championship 5-2.Businessman Jermine Allicock assisted in the presentation of the various prizes at stake as well as representatives from one of the sponsors, Edward B Beharry after the final was played.last_img read more