There are many components to an effective Compliance Management System (CMS). These include risk assessments; policies, procedures and processes; training; audits and monitoring; complaint management; and reporting. Board and Senior Management oversight as well as your institution’s culture is also crucial for success. The “audits and monitoring” component helps you determine where your strengths and weaknesses lie and can help you keep a pulse on your compliance efforts. But, audits and monitoring are not the same thing.
David explains more in the video.
Video Highlights:
Published
2023/06/30