Shield Compliance announced an expansion of the executive team to position the company for continued growth and innovation.
Shield Compliance, a leading compliance platform for cannabis banking, announced an expansion of the executive team to position the company for continued growth and innovation. These promotions reflect the company’s commitment to helping financial institutions serve licensed cannabis operators while advancing the industry overall through the delivery of cutting-edge fintech solutions.
The following executive promotions were announced:
Jenna Meyer, Vice President, Client Success
Jenna will continue to lead client implementations and the client support organization. Jenna has been instrumental in the development of Shield’s products and services to ensure they reflect the changing needs of its bankers.
Bern Osterhaug, Vice President of Operations
Bern is dedicated to delivering new product features and exceptional operational results for Shield’s financial institution clients and is responsible for building internal operational processes to support Shield’s rapid growth.
Cari Conklin, Chief Engineer
At Shield, Cari is the principal architect of Shield’s commercial applications. Additionally, Cari serves as the company’s Information Security Officer.
Stephanie Baer, Director of Compliance
Stephanie uses her BSA/AML, OFAC, and risk management experience to advise clients and internal stakeholders on key compliance issues. She is focused on normalizing and modernizing the relationship between financial institutions and cannabis-related businesses through the utilization of Shield’s compliance management platform.
“According to our research, 42% of cannabis operators said they would consider changing their financial institution in the next 12 months,” said Tony Repanich, President and CEO of Shield Compliance. “The leadership of these individuals is pivotal as we deliver solutions that empower financial institutions to adapt quickly to changes in the cannabis industry and the changing needs of cannabis businesses in a competitive marketplace.”
A Leader in Cannabis Banking
To facilitate the delivery of financial services to licensed operators, Shield continues to enhance its flagship BSA/AML compliance solutions: Shield Assure for ongoing monitoring and reporting; and Shield Engage for client application processing, underwriting, and onboarding. The company also recently introduced Shield Force, a professional service offering for financial institutions requiring additional compliance staffing support to maintain or expand their cannabis programs.
The strength of Shield’s products and services has resulted in steady growth and preference amongst banks and credit unions. Since its inception, Shield has partnered with more than 65 financial institutions and monitored 8.7 million transactions including $37.1 billion in deposit volume. For the 12-month period ending October 31, 2023, Shield’s financial institution customers have earned $30.4 million in fee income. As of October 31, 2023, these financial institutions have $959 million in deposit balances and $237.8 million in loans outstanding from over 6,227 cannabis-related businesses representing more than 15,778 active cannabis licenses.
The Shield Compliance Cannabis Lending Guide
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