What is a Compliance Management System?
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.
A compliance management system contains 4 areas of focus:
Mouse over each area to learn more.
Who cares about your compliance management system?
If you’ve made it this far without an established compliance management system in place, you may be wondering why you should consider adopting one now. After all, a new system is an investment, and a reduction in risk doesn’t always translate to tangible cost savings.
We won’t waste your time reiterating the points made above. Here’s the blunt answer: in today’s regulatory environment, a compliance management system is virtually mandatory. Three reasons why:
The Backbone of Your
Compliance Management System
Compligo helps finance companies like yours stay in compliance with fair lending regulations, and stay out of both regulator’s and auditor’s crosshairs. The cloud-based system is easy-to-use and mobile-enabled. Compligo provides a turn-key way to:
- Manage your compliance program
- Track consumer complaints
- Monitor & report on all activities
All so you remain audit-ready to CFPB examiners, your bank’s compliance team, and your internal stakeholders.
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Fair Lending Compliance Resources
Here are our most recent tools to keep you cool, calm and compliant.
Enroll in CMS University today! Nobody likes a 1,500-page textbook. But, that’s the material regulators expect you to know about consumer lending compliance and building a ... [More]
Advertising methods may have changed, but disclosure requirements haven’t. Are you compliant? ... [More]
Can you afford the cost of a TCPA violation? Learn the top 4 tips to stay in compliance with the Telephone Consumer Protection Act. ... [More]
This worksheet will help you think through how to effectively audit your compliance initiatives. Get an in-depth view of the quality of your compliance program ... [More]
Is your workplace a harassment ticking time bomb? Use this assessment to measure your workplace against the EEOC’s 13 risk factors for harassment. ... [More]
Learn what the CFPB looks for when evaluating your company’s internal audit program, and how to create a rock-solid internal audit program that protects your ... [More]