Your business doesn’t stop. Neither should your compliance program. Motivated by a regulatory update, new area of risk, or recent industry scandal, a financial services company may decide it’s time to prioritize and overhaul its Fair Lending compliance processes. Your organization may invest in new technology, bring in legal experts, and conduct intensive training for a period of days or weeks. At the end of this undertaking, your company winds up with revised policies and a well-educated workforce—and perhaps leadership can sleep better at night.
But what happens next? Six months, a year, two years down the line, is the company really any better prepared to undergo an audit or handle a violation?
Your compliance management system, the nuts and bolts of your compliance program, is a living, breathing thing. It needs to be used, tested, and updated regularly to remain functional. If your policies, processes, and training are simply sitting on the shelf, you’re in the same position as an organization with no CMS at all. In fact, your position may be even worse, because, to an investigator, it looks like you understood your responsibilities but ignored them.
The good news is that it’s easy to operationalize your compliance program—and an effective CMS can actually save you time and money while reducing uncertainty. In a webinar August 23rd, we’ll be exploring how to set up and use a flexible and robust CMS, using real-world examples, best practices, and guidance from the Consumer Finance Protection Bureau.
We’ll discuss topics like…
…all with a focus on your CMS. Look out for more information next week!