Compliance Management System

Compliance Management System

Compliance = Policies + Procedures + Actual Business Practices

How does a consumer financial services company implement an effective compliance management system (CMS)?  More importantly, how does your company accomplish this in a cost-effective way? While the exact elements of your company’s CMS will vary according to the scope and complexity of your consumer financial products and services, there will be 6 broad areas of focus for the CFPB’s examiners:

  • Board of Directors and Management Oversight.
  • Policies and Procedures.
  • Training.
  • Monitoring and Corrective Action
  • Consumer Complaint Response.
  • Compliance Audit.

The CFPB suggests that to maintain legal and regulatory compliance, consumer financial services companies must integrate and support an effective CMS into the overall framework for product design, delivery, and administration across their entire product and service lifecycle, and are required to manage relationships with service providers to ensure compliance with applicable federal consumer financial laws. Our team can help you prepare, implement and administer a CMS tailored to your specific business operations.

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