Building a CMS – 4 Steps to Keep You Out of Regulatory Quicksand
Regulators, and specifically the CFPB, expect every entity to have an effective CMS adapted to its business strategy and operations.
A good CMS can proactively address the risks relevant to your organization while meeting multiple regulatory requirements. It can shine a light on problems that may be a symptom of deeper issues within your organization. Properly administered, it can fix those issues before they blow up into something costlier.
Regulators, and specifically the CFPB, expect every entity to have an effective CMS adapted to its business strategy and operations.
A good CMS can proactively address the risks relevant to your organization while meeting multiple regulatory requirements. It can shine a light on problems that may be a symptom of deeper issues within your organization. Properly administered, it can fix those issues before they blow up into something costlier.
Meanwhile, management will be better prepared when regulators come knocking on the door, allowing them to minimize the typical “fire drills” that distract your organization from its core business. Finally, and most critically, a CMS prevents harm to consumers by minimizing violations of the law and helping the workforce meet its compliance obligations.
