The Laundry E89: What does it really take to be a Chief Compliance Officer?
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Jun 20, 2024 In this engaging discussion, Mitch Trehan, Chief Compliance Officer at Allica Bank with over 22 years in financial services, shares insights into the demanding world of compliance. He dives into the ongoing battle against financial crime, highlighting the complexities faced by CCOs today. Mitch reflects on his unique journey, from aspiring pilot to compliance expert, and emphasizes the importance of prioritization and collaboration. The conversation also touches on the evolving role of AI in compliance, balancing innovation with risks, and the ever-present stress of managing fraud challenges.
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Ruthless Prioritization
- Ruthlessly prioritize tasks, as advised by a leader at Barclays.
- Realize you cannot do everything at once and focus on what matters most.
Effective Compliance Teams
- Compliance teams must possess diverse knowledge and experience to advise the entire organization effectively.
- Delegate tasks based on confidence levels (75%+, 60-75%, <55%).
APP Fraud Challenges
- One challenge for chief compliance officers is balancing APP fraud risk management with customer experience.
- The new regulation requiring refunds for APP fraud victims adds complexity.