A Compliance Management System (or CMS for short) is a best practice program designed to keep you on the right side of Fair Lending regulations.
It’s meant to give you visibility into and control over your organization’s compliance efforts. Without a CMS, you have no easy way to measure or track compliance; and you’re not confident who in your organization is doing what, when or how.
Quite simply it’s a comprehensive compliance program. A compliance management system is an integrated system comprised of written documents, functions, processes, controls, and tools that help an organization comply with legal requirements and minimize harm to consumers due to violations of law.
A compliance management system is woven into every functional area in your organization, from sales to advertising to operations and administration. A good compliance management system can proactively address the risks relevant to your organization while meeting multiple regulatory requirements.