External Compliance Officer Services

Many financial institutions, particularly small companies, find the costs associated with maintaining full compliance daunting and often not commensurate with the actual risks inherent in the products and services it offers.  Costs are no more obvious than in hiring and maintaining qualified compliance personnel.  While best practices, and even some regulations, limit the outsourcing of compliance functions, Compliance Plus’ External Compliance Officer Services lends instant knowledge, efficiency and credibility to any compliance staff.

By hiring Compliance Plus personnel to become an external member of a financial institution’s compliance staff or compliance committee, our clients benefit from the constant input and analysis of experienced professionals on an affordable basis.  The level of our participation in compliance matters is directed by our clients and ranges from providing counsel on reporting and transaction analysis, to developing new procedures and assisting in due diligence.

By having Compliance Plus serve as a “virtual compliance officer”, clients know they can turn to a trusted source of guidance and expertise to reduce the risk of violations related to non-compliance with AML/BSA standards. While participation in our External Compliance Officer services precludes Compliance Plus from providing the independent review of a company’s compliance program, many clients find the trade-off acceptable and point to the fact that our constant present is preferred over a once-a-year review.