FIPCO Compliance & Management Services: ShareFI
FIPCO Compliance Services, ShareFI, extends beyond the compliance resources already offered through the Wisconsin Bankers Association, like legal calls and the WBA Compliance Journal. Through consulting, coaching, and customized regulation reviews, we deliver practical, step-by-step process improvements, actionable recommendations, and comprehensive staff training – all at a reasonable cost.
ShareFI's variety of services are designed to meet the needs of small- to mid-size financial institutions—including many WBA member banks. Banks who choose FIPCO's ShareFI as their risk and operations management solution will receive consulting, guidance, and shared services from industry experts. Leading the team is Jeff Schmid, who joined FIPCO on July 15 after over three decades of experience in bank compliance and operations, including the examination procedures of FDIC, FRB, and OCC as well as governmental advocacy.
"Many of the other third-party firms who offer these types of services take a one-size-fits-all approach," Schmid explained. "They look at every bank as though it's a billion-dollar bank." ShareFI is designed to allow banks to right-size their experience, utilizing shared services (such as credit analyst roles) and one-off contracts, which are ideal to fill the gap between an unexpected departure and a new hire. It also levels the talent playing field for banks who are not large or complex enough to need full-time compliance staff, enabling them to access the talent and expertise of tenured, certified compliance personnel.
ShareFI's team of experts will offer services and consulting in two main areas: compliance and management. The compliance side includes services such as risk management, loan review, and BSA review and support. On the management side, banks will have access to assistance with strategic planning, planning and implementing continuous improvement initiatives (such as transitioning to digital file storage), and core review. "We want to help banks find what's right for them," Schmid said of the core review services. "When those contracts come up, having an expert on your side is invaluable."
ShareFI also features FIPCO's industry-famous customer service and dedication to client success. Unlike some third-party firms who will engage, review, report, and then leave, ShareFI's experts will continue to engage with the bank's management team and continuously report. "Examiners are looking for that ongoing reporting," Schmid explained. "We'll also help banks set up compliance policies if needed. It's about providing long-term support."
Questions: please contact Jeff via email or 608-441-1220 to discuss what FIPCO's ShareFI can do for your institution.
By, Jen Harder