There is no doubt that the last few years have been a challenge for all, and the financial services industry is no exception. Financial institutions experienced significant changes in 2021 because of the continued pandemic, increased remote work trend, and growing digital usage. Employee turnover is one of the significant impacts seen in the financial industry, as many companies competing for valuable resources offer remote work options that many financial institutions cannot provide. Opportunities for employees in the new remote environment are endless, and according to Forbes Magazine, turnover for businesses around the country is at an all-time high. Moving into 2022 may be an excellent time to analyze current staffing levels and the associated risks of losing valuable members of your team.
Adequate staffing is crucial for areas with high regulatory scrutiny, such as the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and fraud functions. In their advisory on the importance of a strong culture of compliance (FIN-2014-A007), FinCEN states that one of the keys to a robust BSA/AML program is devoting adequate resources to its compliance function (both human and technological). What better way to strengthen your financial institutions' culture of compliance and build your use case for your senior management than through a comprehensive staffing assessment? Data speaks more than words when budgetary concerns are at stake—every time.