Minneapolis, MN, thirtieth June 2024, ZEX PR WIRE, Component Monetary Advisory proudly pronounces the addition of Mike Pocrnich to their group as Finance Supervisor. With over twenty years of expertise in non-profit accounting, auditing, and monetary evaluation, 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 shopper 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 fascinating in monetary shopper help.
Pocrnich’s skilled experience extends to workers administration and shopper relations, underscored by a famous skill to speak advanced monetary data successfully. His day-to-day duties embody the oversight of accounts payable, payroll, and guaranteeing monetary compliance. His long-standing software of accounting rules, 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,” mentioned 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) concerns are rising for each companies and shoppers. Monetary establishments are actively integrating ESG components into their funding methods and product choices.
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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.
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Local weather-risk administration: Because the impression of local weather change turns into extra evident, monetary establishments are incorporating climate-related dangers into their threat administration methods. This contains conducting situation evaluation and creating mitigation methods to make sure long-term sustainability.
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Socially accountable practices: Past environmental concerns, supporting social good can also be changing into a precedence. This will contain investing in underserved communities, selling variety and inclusion inside 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 not the only real area of conventional establishments. New gamers, together with fintech startups and massive tech firms, are disrupting the business with revolutionary choices and agile enterprise fashions.
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Collaboration and competitors: Conventional establishments are more and more collaborating with fintech startups to realize 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 growth approaches.
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Open banking: Open banking APIs allow seamless knowledge sharing and foster partnerships between conventional establishments and fintech firms, enhancing the client expertise and driving innovation.
2024 presents each challenges and alternatives for the monetary providers business. By embracing customer-centricity, revolutionary applied sciences, and accountable practices whereas navigating the regulatory panorama, companies can adapt and thrive on this ever-changing surroundings.
With over twenty years of expertise, Pocrnich supplies essential insights to assist organizations navigate the evolving regulatory panorama.
Anticipating Elevated Regulatory Consideration in 2024
The regulatory surroundings for monetary establishments within the U.S. stays difficult as we transfer by way of 2024. Financial institution executives and administrators should deal with a number of essential points to fulfill rising supervisory expectations and guarantee sound threat administration. By anticipating developments in key areas, organizations can keep forward of examination priorities, determine potential gaps, and display a dedication to regulatory compliance.
Key Areas of Regulatory Focus
Liquidity Danger Administration and Curiosity Charge Danger
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 intently monitor establishments’ approaches to fortifying liquidity positions and managing rate of interest threat, with a deal with testing and confirming entry to contingency funding sources.
Third-Get together Danger Administration
As monetary establishments navigate the more and more advanced regulatory panorama, the highlight stays firmly on third-party threat administration. Up to date steering raises the bar for organizations to take care of sturdy and mature threat administration packages all through your entire lifecycle of third-party relationships. Historic milestones, such because the 2013 steering from the OCC and the Federal Reserve, have developed to handle fintech partnerships and banking-as-a-service relationships. The 2023 interagency steering necessitates an evaluation of third-party relationships’ alignment with strategic objectives and compliance with relevant legal guidelines and laws.
Financial institution Secrecy Act (BSA) and Anti-Cash Laundering (AML) Compliance
The refined deal with BSA and AML compliance unveils an surroundings formed by ongoing investigations and heightened regulatory scrutiny. Monetary establishments should frequently improve their methods and packages to fight the rising sophistication of economic crimes and cash laundering schemes. The combination of synthetic intelligence (AI) into monetary methods provides complexity to compliance packages, with regulators intently monitoring AI’s impression on AML efforts. Staying forward in BSA and AML compliance just isn’t solely a regulatory requirement however a proactive threat administration measure.
Cybersecurity
Cybersecurity stays a essential joint effort amongst regulatory companies. Monetary establishments should spend money on superior safety options, conduct common penetration testing, and supply complete worker coaching. The evolving complexity of cybersecurity threat requires a nuanced understanding of every establishment’s risk response capabilities. The OCC’s up to date Cyber Supervision Work Program emphasizes the significance of multi-factor authentication, sturdy methods configurations, patch administration, and efficient incident response.
Operational Resilience
Guaranteeing operational resilience is essential for monetary establishments in at the moment’s unstable surroundings. Regulatory scrutiny will deal with establishments’ skill to face up to and get better from disruptions, whether or not from cyber incidents, pure disasters, or different operational challenges. This contains 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 increase the bar for banks with greater than $10 billion in belongings if finalized.
Crypto and {Digital} Asset Regulation
The regulatory panorama concerning crypto and digital belongings 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 by way of varied legislative proposals, aiming to convey readability, investor safety, and oversight to the quickly increasing market of crypto and digital belongings.
Navigating the Regulatory Panorama with Experience
“In challenging financial regulatory environments, we are here to help,” mentioned 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 evaluation. 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 present serves as Finance Supervisor at Component Monetary Advisory, the place he supplies CFO and Controller providers to a various shopper 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 group of seasoned professionals is devoted to offering customized monetary options that drive success and sustainability.
For extra details about Mike Pocrnich and Component Monetary Advisory, please go to www.elementfinancial.com.
