A sound CMS provides a never-ending exercise in organization and education. 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, 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
- A review of the basic requirements of a CMS and tailoring them to your financial institution
- How changing regulatory requirements pose a risk if not tracked and managed properly
- Breaking down institutional silos to build and maintain a better CMS
- Reviewing, testing, and monitoring operations to ensure requirements are working as intended
- Training business units
- Correcting and preventing consumer harm
Who Should Attend
This session is ideal for anyone who needs a better understanding of a strong CMS, including new compliance officers, as well as those working in compliance, risk, auditing, and management.