2012 Outstanding Women in Banking: Doris Loen

With little previous experience, Doris Loen became the compliance officer for the Amundson Bank Group in 2003. Today she is the compliance authority for a $425 million organization with five banks and 14 locations..Nine years ago, Amundson Bank Group needed a new compliance officer. While each of the group's banks had its own compliance staff, the group needed someone to be a compliance authority and conduct audits. When it came to regulation, management had read the writing on the wall.."We didn't know what was going to happen with compliance but we were sure that it would be a big deal," said Lloyd Amundson, owner of Amundson Bank Group in Sioux Falls, S.D. The group didn't want the expense of hiring a consulting firm. "So, we decided to train our own," Amundson said..Management sought an employee who had the right personality for the job, which meant a willingness to roll up their sleeves and dive in. The position required someone who was sharp enough to learn compliance quickly but who also could interact with peers and regulators effectively..They found that person in Loen, a customer service representative working in the Benson office of the company's First Security Bank in Sleepy Eye, Minn. A native of Benson, Loen had left in 1968 to complete a two-year degree in business administration from the Minneapolis Business College. After she returned to Benson to marry her high-school sweetheart in 1970, she worked in tax preparation and as a teller at a credit union. She began working at the Benson branch of the bank in 2002. "It soon became obvious that she was a person of outstanding talent," Amundson said..After just a year at First Security, Loen was noticed by Amundson Bank Group management because of her get-it-done attitude and her hunger for a challenge. "We looked at other people but she was the one who had the disposition to do it," Amundson said. Jan Lundebrek, president of First Security Bank, added that Loen always did a good job for the bank. "I am continually impressed with her ability to digest new information and put it into practice," she said..Loen took the job as compliance officer with enthusiasm. "I like taking on a challenge," Loen said. "I always have considered compliance to be a challenge.".And she was right. Over the following nine years, the job of ensuring five banks and 14 locations remain compliant became even more complex. One of Loen's responsibilities is conducting compliance audits. Since she became compliance officer, audits have become much more complicated. "As the regulations have changed we have had to go into much more depth and much more documentation," Loen said..But instead of getting bogged down, Loen has grown into the organization's compliance guru. "We community banks can't possibly keep up with regulation, but she keeps us current," Lundebrek said..Loen takes it on herself to make sure things go smoothly with their regulator. "You have to have thick skin for that job," said Angie Mixner, an owner of L.A. Amundson Investments and Amundson Bank Group. "Everything Doris requires isn't always done after an audit. When the examiners come in, and it's not done, she gets the call. At times it has meant she's spent some sleepless nights."."The examiners really value a no-nonsense person," Lundebrek added. "Doris has really helped us when we have compliance issues with the examiners. She's very good at communicating with them; she shows them that we will do what it takes to get us in compliance.".When the staff needs training, Loen digests the regulations and collects material the staff will understand. "She boils it down to what we need to do our job," Lundebrek said. "She makes sure we get it done right. We haven't had a compliance officer who is as knowledgeable."."Doris has been able to keep her head above water while swimming up stream," Mixner said. "We know that when Doris says something then that's what we need to do."Other 2012 Outstanding Women in Banking honorees include:Mary Sulser, Buena Vista National Bank, Chester, Ill.Nancy Skophammer, Farmers State Bank of Hartland, Minn.Julie Causey, Western Bank, St. Paul, Minn.Jennifer Sobotta, Forward Financial Bank, Marshfield, Wis.