David A. Larocque was recently named vice president, chief compliance officer and director of risk management for Centreville Bank.
Larocque has more than 14 years of experience in the banking industry, including 10 years with Boston-based public accounting company Wolf & Co., working in its regulatory compliance department. He has a bachelor’s degree from Bridgewater State University and is a certified anti-money laundering specialist.
PBN: What does your new role with Centreville Bank entail?
LAROCQUE: I am responsible for oversight of the bank’s regulatory functions, which include our regulatory compliance, Bank Secrecy Act, information security and internal audit departments.
PBN: What are your top three goals/priorities for compliance and risk management in the next year?
LAROCQUE: My current priorities include the identification of process efficiencies and reallocation of responsibilities within each area of my group to streamline our approach, enhancement of the bank’s existing compliance management system function and further building out the bank’s information security program.
PBN: Have compliance/regulatory standards for banks changed or been relaxed at all as a result of the pandemic?
LAROCQUE: In some areas, such as delinquent loans, certain requirements have been relaxed as a result of the pandemic, however, in my observations, the overall regulatory expectations have not really changed all that much.
Even with the conversion to a remote work environment over the last several months, it appears to me that most institutions have been able to function “business as usual” for the most part.
PBN: How has the rise of artificial intelligence and automation impacted the bank’s compliance management systems?
LAROCQUE: I think AI and automation will play a big role in compliance management and other areas, such as Bank Secrecy Act, moving forward. AI contained within automated software helps identify trends in behavior, which is incredibly beneficial from a BSA standpoint, and I think you’ll start to see more use of AI and automation over certain areas of compliance management, such as consumer complaints, to assist with monitoring and identification of trends.
PBN: What long-term impacts do you think the pandemic will have on risk management?
LAROCQUE: It’s clear that the pandemic has enabled a number of industries, not just banking, to adjust to the idea that people don’t need to be in the office at all times to be productive and that will certainly change the way we work on a day-to-day basis.
I also expect that the continued automation of certain processes within risk management will help build better, stronger programs that will support that transition and allow people to efficiently manage functions remotely without being tied to a single location.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
