Wolters Kluwer Financial Services announced today that it continues to expand its regulatory and risk management consulting services with the addition of Timothy R. Burniston as vice president and senior director of Professional Services for its Risk & Compliance business.
Burniston, previously a senior associate director with the Federal Reserve Board's Division of Consumer and Community Affairs, joins the company's growing roster of more than 400 in-house regulatory and risk management experts.
In his previous position with the Fed, Burniston was recently tapped by the U.S. Department of the Treasury to help develop the new Consumer Financial Protection Bureau's large depository institution examination program. Burniston's main responsibilities within the Fed included monitoring and evaluating its consumer compliance examination and fair lending enforcement programs.
In his new role with Wolters Kluwer Financial Services, Burniston will work directly with compliance and risk management executives to help them more effectively navigate an increasingly-complex regulatory environment under the Dodd-Frank Act. He will draw upon his experience leading compliance examination programs for more than 35 years at the Fed, Federal Deposit Insurance Corporation (FDIC) and Office of Thrift Supervision (OTS) to help Wolters Kluwer Financial Services' customers address today's intensified regulatory scrutiny.
"By adding experienced and knowledgeable experts like Tim to our organization, it allows us to broaden the actionable compliance and risk intelligence we infuse into our comprehensive consulting services as well as our innovative technology platforms," said Raffi Festekjian, president of Wolters Kluwer Financial Services' Risk & Compliance business unit. "The combination of our expert-driven content, services and technology offers compliance and risk management professionals everything they need to make quick, smart decisions with confidence in today's rapidly changing business and regulatory environments."
"The breadth and complexities of banking laws and regulations make it imperative for a financial institution to have a strong, comprehensive compliance risk management framework and program that goes beyond technicalities to the core of the institution's product development and delivery, and interactions with its customers," said Burniston. "Wolters Kluwer Financial Services, with its expertise and proven ability to deliver to and exceed client expectations, is well positioned to help institutions prevent as well as address regulatory problems and develop long-term solutions. I am excited to begin my new career with this organization."
Burniston began his regulatory career as an analyst and consumer compliance examiner with the Federal Reserve Bank of New York in 1977 and joined the Fed's Division of Consumer and Community Affairs shortly thereafter. Burniston left the Fed in 1988 to establish the compliance examination program at the OTS. In 2000, he joined the FDIC to oversee a major redesign of that agency's consumer compliance examination program. He returned to the Fed in 2005.
In addition, Burniston earned an undergraduate degree from Gettysburg College and an M.B.A from George Washington University. He is a Certified Regulatory Compliance Manager (CRCM), and served on the CRCM Advisory Board of the Institute of Certified Bankers.