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
- 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. 6. Correcting and preventing consumer harm.
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.