Compliance Management System – Overview

This program This 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.

Today’s financial institutions must have sound compliance management systems (CMS). From making sure everyone is following policies and procedures to training staff to tracking, understanding, and implementing new regulations and predicting the impact of proposed rules, it’s a never-ending exercise in organization and education. That’s why 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

Topics

1. A review of the basic requirements of a CMS and tailoring them to your financial institution.
2. How changing regulatory requirements pose a risk if not tracked and managed properly.
3. Breaking down institutional silos to build and maintain a better CMS.
4. Reviewing, testing, and monitoring operations to ensure requirements are working as intended.
5. Training business units.
6. Correcting and preventing consumer harm.