Minneapolis, MN, thirtieth June 2024, ZEX PR WIRE, Component Monetary Advisory proudly broadcasts the addition of Mike Pocrnich to their crew as Finance Supervisor. With over twenty years of expertise in non-profit accounting, auditing, and monetary analysis, Pocrnich’s intensive background and dedication to monetary accuracy and strategic management will considerably improve the agency’s service choices.

Mike Pocrnich, a Minneapolis native, holds a BA in Accounting from St. John’s College and is proficient in varied ERP and CRM software program, together with the Microsoft suite. His profession started at CliftonLarsonAllen as a Senior Auditor, the place he managed non-profit audits, enhanced inner controls, and skilled junior workers. Pocrnich’s experience in monetary forecasting and reporting has been a cornerstone of his profession.

In his present function at Component Monetary Advisory, Pocrnich presents CFO and Controller providers to a various consumer portfolio, together with authorities and non-profit organizations. He’s expert in creating monetary forecasts and adept at managing the intricacies of state and federal grant administration. His prior function as Controller at Beltz, Kes, Darling & Associates (now BerganKDV) noticed him main annual audits and interesting in monetary consumer help.

Pocrnich’s skilled experience extends to workers administration and consumer relations, underscored by a famous capacity to speak complicated monetary info successfully. His day-to-day duties embody the oversight of accounts payable, payroll, and guaranteeing monetary compliance. His long-standing utility of accounting ideas, together with GAAP, FASB, and GASB, displays his dedication to precision and strategic monetary administration.

“Mike’s extensive experience and unique skill set are tremendous assets to our team,” stated John Smith, CEO of Component Monetary Advisory. “His proven track record in financial forecasting, grant administration, and client relations aligns perfectly with our mission to provide top-tier financial advisory services. We are thrilled to welcome Mike to our team and look forward to the impact he will make.”

Sustainability Takes Heart Stage: Integrating ESG Concerns

Environmental, social, and governance (ESG) issues are rising for each companies and customers. Monetary establishments are actively integrating ESG elements into their funding methods and product choices.

• Sustainable funding choices: The rising demand for sustainable funding choices is prompting monetary establishments to supply inexperienced bonds, ESG-focused mutual funds, and different merchandise that align with environmental and social duty objectives.

• Local weather-risk administration: Because the impression of local weather change turns into extra evident, monetary establishments are incorporating climate-related dangers into their danger administration methods. This consists of conducting state of affairs analysis and creating mitigation methods to make sure long-term sustainability.

• Socially accountable practices: Past environmental issues, supporting social good can be turning into a precedence. This will contain investing in underserved communities, selling range and inclusion throughout the workforce, and supporting initiatives that deal with social points.

The Blurring Strains: The Rise of New Gamers and Collaboration

The monetary providers panorama is now not the only area of conventional establishments. New gamers, together with fintech startups and massive tech corporations, are disrupting the trade with modern choices and agile enterprise fashions.

• Collaboration and competitors: Conventional establishments are more and more collaborating with fintech startups to achieve entry to cutting-edge know-how and experience. On the similar time, they’re actively competing with these newcomers by launching their digital choices and adopting agile improvement approaches.

• Open banking: Open banking APIs allow seamless information sharing and foster partnerships between conventional establishments and fintech corporations, enhancing the client expertise and driving innovation.

2024 presents each challenges and alternatives for the monetary providers trade. By embracing customer-centricity, modern applied sciences, and accountable practices whereas navigating the regulatory panorama, companies can adapt and thrive on this ever-changing atmosphere.

With over twenty years of expertise, Pocrnich offers essential insights to assist organizations navigate the evolving regulatory panorama.

Anticipating Elevated Regulatory Consideration in 2024

The regulatory atmosphere for monetary establishments within the U.S. stays difficult as we transfer via 2024. Financial institution executives and administrators should deal with a number of crucial points to satisfy rising supervisory expectations and guarantee sound danger administration. By anticipating developments in key areas, organizations can keep forward of examination priorities, determine potential gaps, and exhibit a dedication to regulatory compliance.

Key Areas of Regulatory Focus

Liquidity Threat Administration and Curiosity Fee Threat

Monetary establishments face renewed challenges in managing liquidity and rate of interest dangers. The aggressive panorama pressures establishments to extend deposit charges amid sluggish mortgage progress, leading to razor-thin margins. The federal monetary establishment regulators’ addendum to the “Interagency Policy Statement on Funding and Liquidity Risk Management,” issued in July 2023, emphasizes the necessity for contingency funding plans. Examiners will carefully monitor establishments’ approaches to fortifying liquidity positions and managing rate of interest danger, with a deal with testing and confirming entry to contingency funding sources.

Third-Social gathering Threat Administration

As monetary establishments navigate the more and more complicated regulatory panorama, the highlight stays firmly on third-party danger administration. Up to date steerage raises the bar for organizations to keep up strong and mature danger administration packages all through your entire lifecycle of third-party relationships. Historic milestones, such because the 2013 steerage from the OCC and the Federal Reserve, have developed to deal with fintech partnerships and banking-as-a-service relationships. The 2023 interagency steerage necessitates an evaluation of third-party relationships’ alignment with strategic objectives and compliance with relevant legal guidelines and rules.

Financial institution Secrecy Act (BSA) and Anti-Cash Laundering (AML) Compliance

The refined deal with BSA and AML compliance unveils an atmosphere formed by ongoing investigations and heightened regulatory scrutiny. Monetary establishments should regularly improve their methods and packages to fight the rising sophistication of monetary crimes and cash laundering schemes. The mixing of synthetic intelligence (AI) into monetary methods provides complexity to compliance packages, with regulators carefully monitoring AI’s impression on AML efforts. Staying forward in BSA and AML compliance just isn’t solely a regulatory requirement however a proactive danger administration measure.

Cybersecurity

Cybersecurity stays a crucial joint effort amongst regulatory businesses. Monetary establishments should put money into superior safety options, conduct common penetration testing, and supply complete worker coaching. The evolving complexity of cybersecurity danger requires a nuanced understanding of every establishment’s menace response capabilities. The OCC’s up to date Cyber Supervision Work Program emphasizes the significance of multi-factor authentication, strong methods configurations, patch administration, and efficient incident response.

Operational Resilience

Making certain operational resilience is essential for monetary establishments in at present’s risky atmosphere. Regulatory scrutiny will deal with establishments’ capacity to resist and get better from disruptions, whether or not from cyber incidents, pure disasters, or different operational challenges. This consists of assessing the effectiveness of enterprise continuity plans and catastrophe restoration methods. The Federal Deposit Insurance coverage Corp.’s proposed enhanced company governance requirements would considerably elevate the bar for banks with greater than $10 billion in property if finalized.

Crypto and Digital Asset Regulation

The regulatory panorama relating to crypto and digital property stays cloudy following market disruptions from early 2023 and ongoing legislative actions. Monetary establishments should steadiness innovation with the necessity for monetary safeguards. Regulators search to strike this steadiness via varied legislative proposals, aiming to deliver readability, investor safety, and oversight to the quickly increasing market of crypto and digital property.

Navigating the Regulatory Panorama with Experience

“In challenging financial regulatory environments, we are here to help,” stated Mike Pocrnich. “Our team at Element Financial Advisory provides nuanced guidance and expertise to help financial institutions navigate these complexities effectively. By adopting a proactive stance and focusing on key areas, organizations can meet rising supervisory expectations and demonstrate a commitment to sound risk management.”

About Mike Pocrnich

Mike Pocrnich brings over twenty years of devoted expertise in non-profit accounting, auditing, and monetary analysis. A Minneapolis native, Pocrnich holds a BA in Accounting from St. John’s College and is proficient in varied ERP and CRM software program, together with the Microsoft suite. His profession started at CliftonLarsonAllen as a Senior Auditor, and he at the moment serves as Finance Supervisor at Component Monetary Advisory, the place he offers CFO and Controller providers to a various consumer portfolio, together with authorities and non-profit organizations.

About Component Monetary Advisory
Component Monetary Advisory is a number one monetary providers agency based mostly in Minneapolis, providing complete CFO and Controller providers to authorities entities, non-profit organizations, and companies of all sizes. Our crew of seasoned professionals is devoted to offering personalised monetary options that drive success and sustainability.

For extra details about Mike Pocrnich and Component Monetary Advisory, please go to www.elementfinancial.com.