A compliance professional is a member of the task force studying how the bank can reduce customer complaints about holding deposits. One proposed solution involves purchasing an expensive system that will reduce the number of holds placed by evaluating the customer's history and relationship with the bank. Which of the following roles is MOST important for the compliance professional on the task force?
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A. B. C. D.C
As a compliance professional on the task force studying how to reduce customer complaints about holding deposits, the most important role would be to ensure that the proposed solution complies with regulatory restrictions. Therefore, the correct answer is C. Validating the system to ensure it complies with regulatory restrictions.
Compliance professionals are responsible for ensuring that a company's activities comply with applicable laws, regulations, and policies. In this case, the proposed solution involves purchasing an expensive system that will reduce the number of holds placed by evaluating the customer's history and relationship with the bank. It is crucial to ensure that the system complies with all relevant regulatory requirements before implementing it.
Developing training for tellers who will use the new system (answer A) is important, but it is not the most important role for the compliance professional. Setting parameters for what the system should review to determine the strength of the customer relationship (answer B) is important but falls under the responsibility of the IT or business analyst team. Conducting a cost-benefit analysis to determine if the system is the best solution (answer D) is important, but it is not the most important role for the compliance professional on this task force.
In summary, the compliance professional's most important role on the task force studying how to reduce customer complaints about holding deposits is to ensure that the proposed solution complies with regulatory restrictions. This role is critical to avoid potential legal, financial, and reputational risks for the bank.