Independent Banker - August 2022 - 37
Strengthen
controls
" The best way for community banks to keep their profi tability high
is for their control systems to be working properly, " maintains Cathy
Ghiglieri, president of Ghiglieri & Company in Pinehurst, N.C. As a
former Texas banking commissioner, she emphasizes the importance
of internal loan reviews and audits and
urges bankers to train tellers with care.
Poorly trained tellers, she says, could
bring about losses by issuing cashier's
checks inappropriately or even overlooking
attempts at money laundering.
Banks that lack proper controls are
liable, contends Ghiglieri, to internal and
external fraud losses-as well as litigation
expenses and regulatory penalties. These
large hits to profi tability are diffi cult to
make up in other areas.
Pandemic fallout:
No end in sight
When designing an operating budget, one obstacle is the unpredictability of
the COVID-19 virus.
" Managing people through COVID has been a real challenge, " says Martin
F. Connors, Jr., president and CEO of Rollstone Bank & Trust in Fitchburg,
Mass. " I've lost track of how many cases we've had. If you average five people
to a retail branch and one person has COVID, then the other four need to
quarantine. "
Thomas Grottke, managing director at Crowe LLP, makes a similar point.
With recovery from the pandemic so erratic, he says community bankers are
finding it tricky to determine the fate of branches-or even decide how many
new employees to bring on board-because there are still so many unknowns.
For instance, he says, commercial lenders are contending with the
aftershocks of the pandemic, especially in urban markets where a high
percentage of off ice space remains unoccupied. At the same time, lenders are
seeing changes in demographics, he says, as rural areas like Berkshire County,
Mass., are experiencing growth for the first time in many years.
Finally, Grottke maintains that " the fluid environment " is yet another reason
for increasing hiring budgets for 2022 and 2023. " There's always a risk of
sickness, and any bank could be down people, " he says. " This isn't the time to
operate under pressure on head counts. "
independentbanker.org Q 37
http://www.independentbanker.org
Independent Banker - August 2022
Table of Contents for the Digital Edition of Independent Banker - August 2022
Table of Contents
Independent Banker - August 2022 - Intro
Independent Banker - August 2022 - Cover1
Independent Banker - August 2022 - Cover2
Independent Banker - August 2022 - Table of Contents
Independent Banker - August 2022 - 2
Independent Banker - August 2022 - 3
Independent Banker - August 2022 - 4
Independent Banker - August 2022 - 5
Independent Banker - August 2022 - 6
Independent Banker - August 2022 - 7
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Independent Banker - August 2022 - Cover3
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