Pub 7 2018 Issue 5

2018 CFO/Controller/ Financial Manager Discussion Forum September 5 Topeka, KBA Office EDUCATIONAL RESOURCES WWW.KSBANKERS.COM | 785-232-3444 Lunch & Refreshments Provided by Limited to 30 participants Recommended 7.0 hours CPE credit EMPLOYMENT PRACTICES LIABILITY: KEEPING YOUR BANK PROTECTED. THIS ARTICLE IS PROVIDED FOR GENERAL INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AND IS NOT INTENDED TO TAKE THE PLACE OF LEGAL OR RISK MANAGEMENT ADVICE. READERS SHOULD CONSULT THEIR OWN COUNSEL OR OTHER REPRESENTATIVES FOR ANY SUCH ADVICE. ANY AND ALL THIRD PARTY WEBSITES OR SOURCES REFERRED TO HEREIN ARE FOR INFORMATIONAL PURPOSES ONLY AND ARE NOT AFFILIATED WITH OR ENDORSED BY ONEBEACON INSURANCE GROUP. ONEBEACON INSURANCE GROUP HEREBY DISCLAIMS ANY AND ALL LIABILITY ARISING OUT OF THE INFORMATION CONTAINED HEREIN. About OneBeacon Financi l Services OneBeacon Financial Services offers property and casualty coverages for commercial banks, savings banks and savings and loan institutions, security broker- dealers, investment advisors, insurance companies and credit unions. Specialty coverages, including professional liability, trust errors & omissions, cyber liability and financial institution bond are additionally available for institutions with less th n $3 billion in assets. Contact Us To learn more about how OneBeacon Financial Services can help you manage your unique risks, please contact Craig M. Collins, President, at ccollins@onebeacon.com or 952.852.2434. Visit our website at onebeaconfs.com or find us on: OneBeacon Financial Services® A Member of OneBeacon Insurance Group® existing EPL insurance coverage and limits with your insurance broker. They will be able to provide you with a peer analysis of your coverage against similar sized banks across the country. Lastly, be conversant as to what your EPL policy may require if you receive a demand letter, a charge of discrimination or other employment-related issue. If a lawsuit is filed, be sure to promptly notify your broker and your insurance company. EPL claims can occur whether your bank employs 5 or 500 employees. Maintaining good policies and procedures plus having an open door policy can help prevent EPL issues, while EPL Insurance should stand with you when preventative measures are not enough. EMPLOYMENT PRACTICES LIABILITY: KEEPING YOUR BANK PROTECTED. THIS ARTICLE IS PROVIDED ONSTITUTE AND IS NOT INTENDED TO TAKE THE PLACE OF LEGAL OR RISK MANAGEMENT ADVIC REPRESENTATIVES FOR ANY SUCH ADVICE. ANY AND ALL THIRD PARTY WEBSITES OR SOURCES REFE ARE NOT AFFILIATED WITH OR ENDORSED BY ONEBEACON INSURANCE GROUP. ONEBEACON INSUR OUT OF THE INFORMATION CONTAINED HEREIN. About OneBeacon Financial Services OneBeacon Financial Services offers property and casualty coverages for commercial banks, savings banks and savings and loan institutions, security broker- dealers, investment advisors, insurance companies and credit unions. Specialty coverages, including professional liability, trust errors & omissions, cyber liability and financial institution bond are additionally available for institutions with less than $3 billion in assets. Con To l can Crai or 9 Visit OneBeacon Financial Services® discrimination or other employment-related issue. If a lawsuit is filed, be sure to promptly notify your broker and your insurance company. EPL claims can occur whether your bank employs 5 or 500 employees. Maintaining good policies and procedures plus having an open door policy can help prevent EPL issues, while EPL Insurance should stand with you when preventative measures are not enough. EMPLOYMENT PRACTICES LIABILITY: KEEPING YOUR BANK PROTECTED. THIS ARTICLE IS PROVIDED FOR GENERAL INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AND IS NOT INTENDED TO TAKE THE PLACE OF LEGAL OR RISK MANAGEMENT ADVICE. READERS SHOULD CONSULT THEIR OWN COUNSEL OR OTHER REPRESENTATIVES FOR ANY SUCH ADVICE. ANY AND ALL THIRD PARTY WEBSITES OR SOURCES REFERRED TO HEREIN ARE FOR INFORMATIONAL PURPOSES ONLY AND ARE NOT AFFILIATED WITH OR ENDORSED BY ONEBEACON INSURANCE GROUP. ONEBEACON INSURANCE GROUP HEREBY DISCLAIMS ANY AND ALL LIABILITY ARISING OUT OF THE INFORMATION CONTAINED HEREIN. About OneBeacon Financial Services OneBeacon Financial Services offers property and casualty coverages for commercial banks, savings banks and savings and loan institutions, security broker- dealers, investment advisors, insurance companies and credit unions. Specialty coverages, including professional liability, trust errors & omissions, cyber liability and financial institution bond are additionally available for institutions with less than $3 billion in assets. Contact Us To learn more about how OneBeacon Financial Services can help you manage your unique risks, please contact Craig M. Collins, President, at ccollins@onebeacon.com or 952.852.2434. Visit our website at onebeaconfs.com or find us on: OneBeacon Financial Services® A Member of OneBeacon Insurance Group® EMPLOYMENT PRACTICES LIABILITY: KEEPING YOUR BANK PROTECTED. THIS ARTICLE IS PROVIDED FOR GENERAL INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AND IS NOT INTENDED TO TAKE THE PLACE OF LEGAL OR RISK MANAGEMENT ADVICE. READERS SHOULD CONSULT THEIR OWN COUNSEL OR OTHER About OneBeacon Financial Services OneBeacon Financial Services offers property and casualty coverages for commercial banks, savings banks and savings and loan institutions, security broker- dealers, investment advisors, insurance companies and credit unions. Specialty coverages, including professional liability, trust errors & omissions, cyber liability and financial institution bond are additionally available for institutions with less than $3 billion in assets. Contact Us To learn more about how OneBeacon Financial Services can help you manage your unique risks, please contact Craig M. Collins, President, at ccollins@onebeacon.com or 952.852.2434. Visit our website at onebeaconfs.com or find us on: existing EPL insurance coverage and limits with your insurance broker. They will be able to provide you with a peer analysis of your coverage against similar sized banks across the country. Lastly, be conversant as to what your EPL policy may require if you receive a demand letter, a charge of discrimination or other employment-related issue. If a lawsuit is filed, be sure to promptly notify your broker and your insurance company. EPL claims can occur whether your bank employs 5 or 500 employees. Maintaining good policies and procedures plus having an open door policy can help prevent EPL issues, while EPL Insurance should stand with you when preventative measures are not enough. June 2018 | Issue 15 Employment Practices Liability: Keeping Your Bank Protected B Y C RAIG M. C OLLINS – P RESIDENT , F INANCIAL S ERVICES Community banks already have much to contend with in keeping up with building safety and security, phishing schemes, cyber issues and managing compliance standards. Improper and unpredictable employee behavior is an additional challeng that when not managed correctly, can cause issues in the bank that could harm employee productivity and could negatively impact the financials of the bank. Employment P ractic L i bility (EPL) claims can include allegations of discrimination, wrongful termination, harassment and a host of other charges. This article will examine tactics you can employ in your bank to help protect your bank from these types of claims. Policies and Procedures Documenting the type of behavior that is unacceptable is a must-do for any organiz ation, regardless of its size. Policies and procedures should be written with the current law in mind, and include how to report a complaint, documenting and investigating the complaint, as well as repercussions for those who violate the your state laws, and can be customized for your specific needs. Open Door Policy A well-defined “open door policy” is critical to have in place. Employees need to feel comfortable approaching managers or others at the bank to discuss allegations of