Compliance Management System Essentials
Federal regulators require financial institutions to have a CMS. While each agency has its own definition of a CMS, it all boils down to one simple concept: how a financial institution manages consumer compliance risk. All regulators expect it.
A CMS is how an institution:
- Learns about its compliance responsibilities
- Ensures that employees understand these responsibilities
- Ensures that requirements are incorporated into business processes
- Reviews operations to ensure responsibilities are carried out and requirements are met
- Takes corrective action and updates materials as necessary
In addition, it helps manage risk! A CMS helps manage risks associated with:
- Changing product and service offerings
- New legislation enacted to address developments in the marketplace
- Noncompliance with consumer protection laws may result in: litigation, monetary penalties, and other formal enforcement actions
What You’ll Learn
Who Should Attend
This session is designed for anyone who needs a better understanding of a strong CMS. It may be particularly beneficial for new compliance officers, as well as those working in compliance, risk, auditing, and management.
